Monday, 6. September 2010
I was wondering how soon I could apply for a home equity loan and get approved. My Ch. 7 Bankruptcy got discharged in June 2009 so it has been a year. I’m just wondering because I’m sure the laws keep changing. I was told the day after it gets discharged and then I was told two years after discharge. So, someone who actually knows please help?
Saturday, 4. September 2010
My house was auctioned off on August 2, 2010. But I have a home equity line of credit that I still owe on, but now it is unsecured because the house has been foreclosed on. Can I file bankruptcy on that dept?
Sunday, 22. August 2010
I filed bankruptcy last June . Can they still make me pay on that second mortgage?
Sunday, 15. August 2010
I owe 2 houses one under my name, in the rental property I am 1 payment behind in the first deed and 5 payments behind on the second deed. I can’t make the payments no more, I am in home loans, and my paycheck has been reduce soo much. I want to keep only my owner occupied property and let go the rental. Balance is 0,K and 0K on second. I been thinking on calling the lenders to give them the house back, some other friends tell me to do a shortsale, and other to file bankruptcy or forclose the property. at this point all I want is not to have ,500 mortgage payment a month. I can’t refinance because there is no equity, and my credit has been ruined due to the late payments, I don’t want to go to a credit consultant because my intentions are not to keep the house. I need some advise before I go to an attorney .
Wednesday, 28. July 2010
Can I get a home equity loan, if I have a bankruptcy, but there is about 0,000 in equity in the home.
Thursday, 15. July 2010
I am trying to help a family memebr avoid bankruptcy and her situation is dire . She lives in an area where the real estate market has stalled out . Her primary residence has a huge payment plus two home equity loans . She has a smaller house that she had been renting out just to make payments . The tenants moved out with no notice . Each month she gets deeper into debt . If she were to sell either house she would still be upside down on the loans . She is at a point where she is not able to pay the larger loan . What will happen to the two equity loans if she goes into foreclosure ? Her credit is already pretty well destroyed .
Sunday, 4. July 2010
On Aug.31, Bush urged Congress to allow the Federal Housing Administration to insure larger loans and to suspend the practice of counting surpluses from canceled mortgages as taxable income.
All of a sudden, even staunch Bushites are crying and whining.
What Bush did was actually too little, too late.
In the 90s, the market for subprime housing loans exploded, and wild growth allowed new and first-time buyers to purchase property, opened lenders to increased profits.
Lenders, (many of them Republicans), believed that home prices would rise interminably, allowing borrowers to pay off their loans with the equity they’d squeeze out of their homes.
Then, borrowers began to default and the market for subprime loans contracted rapidly.
Then, last April, New Century Financial, one of the nation’s largest subprime lenders, filed for bankruptcy.
Up till now, Bush has supported unfettered subprime lending, mostly to benefit his banking supporters.
Now…he’s the homeowner’s "friend."
The glaring truth is that the situation he’s trying to "fix" is one that he, himself helped to create.
Ya, tenthamend…and the lenders were forced at gunpoint to grant the loans. Sheesh.
THANK YOU, Karl M. for that experienced input!.
But, as Karl alluded, the lending institutions were MORE than willing to grant the loans, just like credit card companies want you to borrow money. Just try to pay one off in full some time and SEE what happens…
Does any sane person believe that many of these lenders weren’t Republicans? What were they thinking?
E-Z money?
Thursday, 1. July 2010
My husband and I are getting divorced. he left me with bills I can’t afford. I’m in danger of losing my home and I know I can afford to pay on the mortgage itself and the utilities with only my income but I couldn’t possibly afford a second mortgage payment too. I’ve been thinking of bankruptcy because he has everything behind and I am in debt I never knew existed. Is there any way for me to keep thje house without paying 2 mortgages? Any suggestions?