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What Happens to Mortgages in Bankruptcy
A major concern for most homeowners who are contemplating bankruptcy is how bankruptcy will affect their mortgage. The good news is that your mortgage company cannot raise your interest rate or change other terms of your loan to punish you for filing bankruptcy. But there are several other things you should know about how fi
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How to Value Your Home in Bankruptcy
Properly valuing your home in both Chapter 7 and Chapter 13 bankruptcy is important. In some situations, your home's value will determine whether you can keep it, or whether you can strip junior mortgages off. Here's how to value real estate in bankruptcy.
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Chapter 13 Bankruptcy: What If I Have a Lot of Equity in My Home?
If you have a lot of equity in your home, filing for Chapter 13 bankruptcy can allow you to keep your home and reorganize your debts. But if you can’t exempt all of your equity, you may have to pay back a significant portion of your unsecured debts through your repayment plan. Read on to learn more
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Can I Keep My Home in Bankruptcy if I Am Behind on HOA Dues?
In most cases, if you are behind on your homeowners’ association (HOA) dues, the HOA can place a lien and foreclose on your property. Whether filing for bankruptcy can help you keep your home will typically depend on whether you file for Chapter 7 or Chapter 13 bankruptcy. What Is an HOA Lien? In
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How to Strip a Second Mortgage or HELOC in Chapter 13
One plus to filing for Chapter 13 bankruptcy is that you may be able to get rid of second or third mortgages on your home or get rid of home equity loans or home equity lines of credit (also known as HELOCs). Eliminating these loans is called lien stripping.
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Can filing bankruptcy in Texas help stop foreclosure?
We've fallen behind on our mortgage due to a lot of debt, and we're considering bankruptcy. If we do file can we prevent our home from being foreclosed on?
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What Happens in Bankruptcy If I Am on the Deed to Someone Else's Home?
If you are on title to a house owned by another person and you file for bankruptcy, what happens to the home and how it will affect your bankruptcy depends on whether you have bare legal title (no real ownership of the property) or both an equitable and legal interest in the property. If you do have an equitable interest in the property, then the home becomes part of your bankruptcy estate.