How long after foreclosure November 7 and 08 September bankruptcy "can get a new mortgage?
I made some errors, but have worked hard to rebuild my credit and have saved money for a down payment. I know I still will be a while before you can buy again. But does anyone know the requirements for obtaining a mortgage? I've learned my lesson so please do not judge! Thanks
You need an account at least 620 credit to buy anything, but I think its foreclosure and bankruptcy will play a roll. I'm going to guess that you will have to wait seven years after the bankruptcy.
Bankruptcy and the elimination of second mortgage?
I recently attended my Ch 13 Bankruptcy meeting of creditors. Once there, you have to sit through other people file review with the administrator. I heard a couple asked if his lawyer was to present a proposal for "adversary" or "dislike" or something (not paying complete attention to the beginning). As the trustee is then referred to his credit this would remove home equity credit loan that was blocked by his house, since it has more value of the house (now I'm paying attention). I discussed this with my lawyer and he said it is "possible" but there are additional charges for filing a motion (in thousands of dollars) and even more if the case has to go really test ($ 10s of thousands). Of course, I'm skeptical because my lawyer never informed me of this option before. I am wandering if anyone else has some knowledge of this and what was the actual term that I can do a little more research. Thank you.
No. You are correct that the loan is guaranteed by the house. The judge can not make it go. There is a bill in Congress today that will allow judges to "cram down" a mortgage or remove it entirely. This project law was not approved. So now the judge has no power over a home loan ..
Part Two- Bankruptcy: Keeping your home and the effect on Mortgages
Which bank do you think is the best and most secure to save your $ in ? Bank of America, etc?
Recently, Washington Mutual, Citibank, and Wells Fargo have declared bankruptcy. I have to transfer my $ out of Washington Mutual and I don’t know which bank is a very secure and reliable bank where I don’t have to worry about not getting my $ back.
Never put your money in a bank. Why do you think the banks are so rich? Because they invest your money..make hundreds and thousands and give you pennies in return. If you want to know the best way to save money and actually leverage it..email me
Letters to the editor, Patricia Hammel May 6: loan modifications to your home as possible, but requires much effort Bankruptcy & Foreclosure : How to Stop Fannie Mae Foreclosures
The shareholders of several companies and financial credit are worrying found that cash flow is low and loan crisis of the house. The economy is booming for a disaster such as Washington Mutual is already encumbered by a cash flow is low and the risk is being purchased or bankruptcy. This could mean that it could also worth nothing, sending investors into a panic. The government has intervened in several occasions in the collapse of Fannie Mae, Freddie Mac, a well-known bank, and of course AIG needed 40 billion U.S. dollars of cash flows or risk of bankruptcy. Lehman Brothers surprisingly, a financial institution that is before the Civil War could not find a buyer and is now in bankruptcy, laying off millions of their building. What serious is this crisis? Does anyone see a policy to cure this?
We are currently in a recession. Inflation is not bad, but there is a serious problem with the housing industry, which has led to investor panic. My suspicion is that there are more banks and insurance companies will collapse. If we do not reverse the situation within 12 months maybe, we could deal with a downturn. Consumer confidence is low, and thus a credit crunch. In fact, I'm not sure how to remedy on everything. I do not know what started very well: GREED investors sell loans and other persons who can not afford, "subprime" loans. They then sell these loans to Wall Street, which, when they are sold abroad. But people can not pay the money due to variable interest rates. Add to this, we have policies credit and the aggressive policies of the fools in our government. The cumulative effect of all that has pushed the economy on the board.
McCain ADMITS OBAMA TAKES ON HIS PARTY! But Republicans Keep Lying About It!
