Although you’ve filed for bankruptcy, it is still possible to keep your home despite having a second mortgage on the property. You can enter into a reaffirmation agreement with the lender. By doing so, you agree to remain liable for debts secured by the property. However, you have to stay current and continue.
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Apply for a conventional mortgage through a government-backed program. You may be able to get a conventional loan from Fannie Mae or Freddie Mac 2 years after Chapter 13 if the case was filed or dismissed 4 years ago. You must wait 4 years after a chapter 7 bankruptcy was discharged or dismissed.
After filing Chapter 7 bankruptcy, you will not be on hook for your first or second mortgage if you don't sign a reaffirmation agreement. After filing.
I am wondering if I might stop paying on the 2nd mortgage. Both of these mortgages are bad. They are both 15yr balloon loans 1st at 6.8% and 2nd at 8% . I am a little scared because I am not sure that after my bankruptcy if they can foreclose faster. We did not reaffirm either mortgage.
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"Banks are safer, but I don’t think they are safe enough," said Bair, who was among those who warned in 2006 of the "troubling" proliferation of dangerous mortgages that would. a record $62.6.
After bankruptcy, homeowners celebrate Bank of America forgiving second mortgages. Obviously Bank of America doesn’t want to forgive the loans of people who are paying them-they are a bank after all-they lend money at interest hoping to get more back.
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We know for sure that they cannot (legally) 1099 you if they forgive or compromise the second mortgage, because the bankruptcy already wiped out the debt and there’s no tax on debts wiped out in bankruptcy.
Filing for bankruptcy isn’t exactly a pleasant experience and it can take months or even years for your finances to recover. Buying a home after bankruptcy can be particularly challenging, but it’s not impossible. Knowing what to expect after getting your bankruptcy petition approved can make getting approved for a mortgage less of a hassle for aspiring homeowners.
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Getting approved for a new mortgage after bankruptcy can happen in as little as one year. The waiting period for foreclosure depends on the program.