Bankruptcy
Is Bankruptcy a Better Option Than Strategic Default?
Declaring bankruptcy is an option to help underwater homeowners. When in default you can consider a strategic bankruptcy. Q: About a month ago, you wrote an article about strategic default options for underwater homeowners. I was surprised that you didn’t …
Bankruptcy Cancels Debt Not Mortgage
Bankruptcy may cancel your debts and obligations, but secured lenders keep their debts alive in their mortgages and foreclosures may continue. Q: Due to my cancer diagnosis, and subsequent expenses, my wife and I filed bankruptcy in 2010. Just a …
Reporting Fraud and Bankruptcy
If you suspect fraudulent transfers in a bankruptcy case, you may have to report the fraud and hope the trustee in the case comes to help you. Q: How do I report a fraudulent bankruptcy after suing our seller? The …
Bankruptcy Discharge Of Mortgage Does Not Release Lien
Bankruptcy discharge of mortgage debt does not release lien on property and payments on mortgage loan may not benefit credit history. Q: We successfully signed a loan modification with our lender two years ago. It took forever to get the …
Investing In Real Estate With Friend Leads To Problems
If you invest in real estate with friends or relatives, plan ahead. Otherwise, you may find yourself deep with problems when money is short or disagreements arise. Q: My friend and I bought a single family house to make some …
Commercial Lease Security Deposit At Risk In Bankruptcy
If you are a tenant in a commercial lease, your security deposit may be at risk if the landlord files for bankruptcy Q: I have a commercial lease for a portion of a strip building and just found out the …
How To Negotiate Wage Garnishment
Q: My wife has had a wage garnishment made against her for a debt she knowingly owes of about $4,000. An independent company (an ambulance chaser of sorts) bought her debt from the bank and allegedly sent her a letter …
Should You Buy A House After Bankruptcy?
Should you buy a house after bankruptcy? Is it dangerous to buy a home after bankruptcy? Buying a house after bankruptcy can hurt your credit history. It can be impossible to find a mortgage lender if you buy a house after bankruptcy. After bankruptcy you should wait to buy a house. Buying a home after bankruptcy takes time.
How Long Do You Have To Wait To Buy A House After Bankruptcy
How long do you have to wait to buy a house after bankruptcy? After you file for bankruptcy, there’s a waiting period before you can buy a house. Even if you’re paying your bills and your credit is improving, you have to wait at least 5 years before you can qualify for a mortgage. After bankruptcy, you have to wait to buy a house because the lender still sees you ask a risk after your bankruptcy.
Buying A Home After Bankruptcy Takes Time
Dealing with the consequences of bankruptcy can be very tough and it can take a long time. After you file for bankruptcy, you cannot qualify for a home loan from Fannie Mae, Freddie Mac or FHA for at least three years, if not longer. Buying a home after bankruptcy may not be an option right away. Consider renting and saving money while you are recovering from bankruptcy before trying to buy a home so soon after bankruptcy.
