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 by: Walter Metzen
Planning for Retirement: What Women Should Consider
Retirement is a luxury that requires some planning, and yet, only one-third of women think they are well prepared for retirement — and often they are not as well prepared as men. Let’s examine some of the reasons why women fail to prepare for retirement and look at what you can do to get ready…
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Posted by: Erik Clark
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 by: Walter Metzen
What is a Homestead Exemption? Can My Creditors Take My Home?
Homestead exemption laws prevent the sale of a borrower’s home by creditors in satisfaction of a debt. In many states, whether your home may be subject to forced sale depends on how much home equity you have. For example, let’s say Jim owes creditors $200,00 after his business failed. Jim owes a home worth $500,000,…
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Posted by: Walter Metzen
I’ve Decided to File for Bankruptcy. Do I Need to Go through with My Short Sale?
If you’re in the middle of a short sale or just about to do one, you probably have a lot of questions. What is the difference between a short sale and a foreclosure? And what happens if you might file bankruptcy, as well? The benefit of continuing with a short sale after you’ve decided to…
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Posted by: National Bankruptcy Forum
Am I Protected by the Arizona Anti-Deficiency Statute?
When most families purchase a home, they don’t envision ending up facing a foreclosure sale, but in states like Arizona where the housing market has been particularly hard hit, foreclosure is an all-too-common event. In cases where a home has plummeted in value, borrowers have two main concerns: I’m afraid to lose my home. I’m…
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Posted by: Walter Metzen
Deficiency Judgment: After Foreclosure, Do I Owe Money?
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 amount of the note, leaving…
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