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Real Estate and Mortgage Issues

Many people worry that if they file for bankruptcy, they’ll lose their home. This is not often the case. Your home can indeed be protected by bankruptcy — even foreclosure proceedings must stop when you file. But once you’ve been able to keep your home through bankruptcy exemptions in your state, what then? What if you’ve never been a homeowner, but you’ve filed bankruptcy and now you want to buy a home a few years down the road once your credit has begun to recover? Can you even get a mortgage after bankruptcy? If you haven’t filed for bankruptcy yet, what are the exemptions and laws in your state that will allow you to keep your home? National Bankruptcy Forum answers these questions and more in our real estate and mortgage articles below.

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Posted On: August 18, 2014

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Posted by: John O'Connor

E.D.N.Y. Approves Debtor’s Chapter 20 Lien Strip

Lien Stripping in Chapter 13 Bankruptcy For our readers playing along at home, the basic rule with mortgage modification in bankruptcy is as follows: first mortgages on a debtors primary residence cannot be modified by filing for bankruptcy, however, second, third and other junior liens can be modified or “stripped” by filing for Chapter 13…

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Posted On: May 1, 2014

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What is a Homestead Exemption? Can My Creditors Take My Home?

Last updated Oct, 30, 2017. Homestead exemption laws prevent the sale of a borrower’s home by their creditors in satisfaction of a debt. In many states, whether your home may be subject to forced sale is a function of how much home equity you have. A Homestead is Your Primary Residence A homestead is defined…

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Posted On: February 23, 2014

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Deficiency Judgment: After Foreclosure, Do I Owe Money?

Last updated April 13, 2017. A common misconception among consumers is that after foreclosure they will not owe their mortgage lender. Many homeowners who go through foreclosure are surprised to learn that they still owe money on their house, even though they no longer own it! Most mortgage lenders require borrowers to personally guarantee the…

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Posted On: October 18, 2013

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Posted by: John O'Connor

Protecting Against Deficiency Judgments Through Bankruptcy

Does Bankruptcy Eliminate Liability for Deficiency Judgments? It’s a common story in many areas of the country: real estate values have dropped and foreclosures have risen. Despite a recovery in some parts of the country, borrowers with little hope of seeing their property values bounce back are still deciding to walk away from their mortgages….

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