I filed a Chapter 7 bankruptcy that was discharged in 2009. ... When you received the first and second mortgage loans, the lender placed a lien against the house for each loan. ... In your case, the lender may or may not have written off the loan. ... You may be able to settle the outstanding balance for a little more than what ...
Nov 3, 2015 ... I have a line of credit secured by my house (a home equity line of credit, ... If I declare Chapter 7 bankruptcy, will the line of credit (like a credit card ... rather receive something than be forced to write off another loan. .... I have an IRS lien of $44,000 a first mortgage of $32,000 and the HELOC is $142,000.
Debt from a home equity line of credit is discharged in bankruptcy, but the ... Less than $5k ... of debtors who file for Chapter 7 are allowed to keep all of their property. ... foreclose on the lien, and there is a deficiency balance (which may happen if ... paying off the first mortgage, there is little left for the HELOC lender, it has ...
Mar 25, 2010 ... After chapter 7 bankruptcy, I often advise my clients, just don't pay the second mortgage. ... If the value of your house has dropped below what you owe on the first, ... Then you can stop paying the first mortgage too, and move out. ... One way to do that would be with a second mortgage relief Chapter 13.
However, the 2nd Mortgage or Heloc would still have a lien on the property. ... Bankruptcy Chapter 7 Discharges the Note or the Loan, but you still have the ... the lien, but in order to do so, it must pay off the 1st mortgage and any unpaid ... and you must get that in writing from the bank before you mail your cashier's check. 4.
HELOC lenders may still have a lien on your home after bankruptcy. ... What Happens if a Bank Discharges a Home Loan During a Bankruptcy? ... In addition, if your house is worth less than your first mortgage, you can petition a bankruptcy court to ... a loan if you've been through a bankruptcy, no matter when you filed for it.
You have received your bankruptcy discharge at the end of your Chapter 7 or ... inform the creditor that the debt has been discharged in bankruptcy and give ... However, if you leave out a debt secured by property (e.g., a car loan, mortgage, etc.) ..... reason for an individual to buy a new car unless it is a business tax write- off.
May 20, 2013 ... There have been a few Tax Court decisions on this issue in the last couple ... is discharged, such as pinpointing the moment when property has ... Then on April 8, 2011 the Bank filed a lawsuit to collect the ... The Reeds filed for bankruptcy in January 2012. The bank filed a claim based on the prior lawsuit.
Under Chapter 13, you'll have to pay off child support, mortgage and alimony debts, and ... Under Chapter 13, you may be able to cut or wipe out your HELOC debt, ... If the mortgage is worth more than your house, you can ask the bankruptcy court to ... A graduate of Oberlin College, Fraser Sherman began writing in 1981.