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.
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. Borrowers with little hope of seeing their property values bounce back are still deciding to walk away from their mortgages. Unfortunately, lenders often have the right to pursue these…Read more
Can Credit Card Companies Take Your House?
Credit card debt, unlike mortgage debt, is unsecured debt. This means your credit card company can’t come immediately take your stuff — including your home or car — when you don’t pay. Having said that, if you fall behind on credit cards, your lender will quickly try to transition their status from an unsecured creditor,…Read more
Should I Sign a Reaffirmation Agreement?
Signing Reaffirmation Agreements: A Good Idea? Your mortgage lender is demanding that you “reaffirm” a mortgage note on your residence in your bankruptcy case. Should you agree to do so? First the basics: There are two parts to your agreement with the mortgage lender regarding your residence. The first part is the note, your promise to…Read more