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| Mortgage Bankruptcy Learn how to wipe out your second with a mortgage bankruptcy and learn the methods to "properly" claim bankruptcy on your home and loan. n the case of second mortgages, if the value of the property falls below the loan amount, debtors potentially could reduce the balance of the loan to equal the current value of the property. YES, very interesting stuff! |
This is a discussion on For those going through with Ch. 7 BK within the Mortgage Bankruptcy forums, part of the Foreclosure Process category; I'm insolvent and no longer wish to continue with the stress and calls. I have an attorney in az. and ...
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| Senior Member Join Date: Oct 2008
Posts: 168
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | For those going through with Ch. 7 BK I'm insolvent and no longer wish to continue with the stress and calls. I have an attorney in az. and I'm going to file ch. 7 since I have not had an income in five months. My main concern is that I want to keep my first home that is near my daughters. Since I had to rent it in hopes of making my mortgage payments the BK attorney tells me a trustee from the court will take my property but since it's underwater I will be able to get it back. Also something about filing abandonment because I had to leave the premises for my medical hardship and lack of funds. Can those going through with their ch. 7 explain some of the terms like discharge? and is it possible to keep my home and let the other go? Or keep both under a ch7? it seems that the mod has gone through on the other home. Like I said before in many threads, too little too late. Thanks |
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| Senior Member Join Date: Oct 2008
Posts: 168
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: For those going through with Ch. 7 BK Means test. This is the test that either qualify's you for a certain type of BK. ( I guess ) I haven't earned any money in the last five months so I passed the test for BK, ch 7. So wipe the slate clean. |
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| Senior Member Join Date: Oct 2008
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Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: For those going through with Ch. 7 BK Thank you dst491, I am now three months behind on my primary, and I'm trying to save the money to come current when I hear from Countrywide. I still will be filing BK in July as soon as I can get back into my home. |
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