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 repay the amount of money [...]
Homes and Bankruptcy
Oregon Court: Mortgage Cram Down Not Allowed Where Plan Calls for Balloon Payment
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Chapter 13 bankruptcy has its benefits One of the benefits of filing for Chapter 13 bankruptcy is the ability to modify or “cram down” certain secured debts. For example, a consumer who owes far more than their car is worth has the option of cramming down the car loan to meet the actual value of [...]
Can Filing Bankruptcy Save My Home?
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Yes, Bankruptcy Might be Able to Save Your Home Yes, under certain circumstances, filing for bankruptcy can save your home from foreclosure, but read on, there are certain conditions that must be met before you qualify for relief. We’ll do our best to give you a guide to the process here in this post. Whether you [...]
First Circuit: Lender Not Obligated to Foreclose on Home Surrendered in Bankruptcy
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Surrendering Property Usually Allows the Debtor to Walk Away From Underwater Property. What Happens When the Bank Refuses to Take Ownership? One of the big advantages for consumers filing bankruptcy is the ability to surrender property they can no longer afford. Through bankruptcy, debtors can avoid a deficiency lawsuit and get rid of personal liability [...]
Filing for bankruptcy can do more than just postpone foreclosure
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When someone mentions bankruptcy or foreclosure, it might make you cringe. But many residents of Dayton, Ohio, know of the financial issues that can lead someone toward those outcomes. Sometimes the two come together, but that isn’t always the case. According to experts, filing for Chapter 13 bankruptcy can allow individuals to keep their home [...]
Is an Adjacent Lot Part of the Homestead for Exemption Purposes?
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Homestead Exemptions Don’t Protect Investment Property Although homestead exemption laws vary by state, none of them protect investment property. A homestead is, by definition, a primary residence. You don’t necessarily need a white picket fence and a golden retriever, but you must live in the home in order to claim the exemption. As a general rule, investment [...]
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