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If you are a joint mortgage holder and the other person on the mortgage files bankruptcy how does that impact the mortgage?
Wiki User
∙ 16y ago
The house won't be affected at all UNLESS... The person filing BK is filing it on the house as well whether it be a 13 (repayment) or a chap 7
Wiki User
∙ 16y ago
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What paper work do you do when a person wants to have another person take over payments on her house and transfer the title until its paid for?
You will need to make contact with the mortgage holder (people that loaned money to buy the house) and get their approval. Until the loan is paid off, the mortgage agreement is between the homeowner and the mortgage holder. That agreement cannot be changed without their approval, or a court order (such as bankruptcy) or the death of the borrower. In effect, you would transferring your mortgage to the other person- and that person might not be acceptable to the mortgage company.
What happens to the joint mortgage holder of a take over mortgage if the original mortgage holder pays the loan?
The joint person is still responsible until the loan is paid off or refinanced out of the person's joint name.
Can a person keep their mortgage brokers license if they file for bankruptcy in fl?
yes
Can a person keep and file bankruptcy if the home is under any mortgage?
Yes he can file for Bankruptcy if he wants to depending on the situation of his property.
If someone died and left a house with a mortgage in a trust can you just keep making the house payments or do you need to notify the mortgage holder and can they demand the note be paid in full?
You didn't say if the person who left the house was a parent or a friend. If it's parents you must provide a copy of the death certificate to the mortgage holder. Usually, the mortgage holder would have no problem with you continuing on with the payments. Depending on where you stand in the Will you may have to take a loan out to either pay the full mortgage the mortgage holder is holding, and then make your mortgage payments to your own banking institution. It's best to go straight to the mortgage holder and ask these questions so there are no mistakes made. Good luck Marcy
If a spouse files bankruptcy can the other be held liable for the mortgage payment if its in both names?
You don't file bankruptcy "on" anything. You file for bankruptcy for all debts, including a mortgage or mortgages. If the other party has been paying the mortgage and has possession of the premises, there may not be a problem for that person. If there is a divorce order requiring the absent party to pay or pay part of the mortgage, there may be a contempt action for violating that court order.
How does Chapter 13 Bankruptcy help a person?
There are many benefits associated with filing a Chapter 13 bankruptcy. The types of benefits that will result will depend on the facts of the case. Below is a few of the benefits available with filing a Chapter 13 bankruptcy.Pay Mortgage Arrears- You can set up a 3 to 5 year plan to pay mortgage arrears that are past due on your home. If you are in the process of being foreclosed and you are behind on your mortgage, you can set up a repayment plan for your mortgage arrears.Strip Second Mortgage- If your home value is below what you owe on your first mortgage and you have a second mortgage, you may be able to remove your second mortgage in a Chapter 13 bankruptcy.Pay Back Taxes- If you owe taxes to the federal and state government, you can set up a repayment plan through a Chapter 13 bankruptcy.These are just a few of the benefits that a Chapter 13 bankruptcy can provide.
How does one get a mortgage after suffering bankruptcy?
"Bankruptcy status remains on a person�۪s credit report for 10 years, but mortgage lenders want you to hold off on getting a mortgage for at least two or three years. If your post-filing debt payments have been reported to your credit agency as being on time, and you have steady employment, your chances of getting a mortgage financed increase considerably."
If you are a secondary card holder and the primary card holder declares bankruptcy how does that affect your score and what if you cancel your account before he declares bankruptcy?
If the BK filer is allowed to discharge the debt a joint account holder who is not a party to the bankruptcy becomes solely responsible for the entire amount. Cancelling or closing the account will not change the fact that the person will still owe the debt and it will eliminate the possibility of said person to negotiate terms with the lender if it becomes necessary. If the joint account holder continues to meet the required terms of the account agreement his or her credit score will not be negatively affected.
What part of ones credit matters when filing bankruptcy?
The average annual income rate of the person's business or household income determines a portion of bankruptcy reports. The other portions determine the person's tax rates, mortgage, and average spendings.
What happens if mortgage loan holder files for bankruptcy when the title has other people also?
If there are 2 people on the deed of trust and only one on the loan - then the person who has defaulted on the loan will have their credit negatively affected. The one who is only on the deed of trust will lose ownership to the bank or mortgage company, however, their credit will not be affected unless they co-signed or guaranteed the original loan that has defaulted.
What happens when a mortgage holder dies and has no estate?
If by "mortgage holder" you mean the person who secured a loan with a mortgage, then it will be for a probate court to determine a fair settlement of the amount still owed by the estate to pay off the loan. If there is insufficient value left in the estate after settling taxes and other debts, the lender may have to accept the loss. It would seem a bit odd that the estate does not contain the property that was purchased with the loan.ClarificationIf a mortgage holder dies, they have an estate. The debt owed under the mortgage is part of their estate. You now owe the debt to their heirs unless there is some language in the note and mortgage that the debt will be forgiven upon the death of the mortgage holder. In that case, there must be recorded evidence of that language in order to remove the encumbrance from the property.
