I am currently in the 4th month 'postponement' cycle. May 1st (sheriff sale) is the last Day to get current on the mortgage with June 1 as my scheduled move out date. It is very feasible that I will be able to come current with the arrears, ho...
A chapter 7 would stop the sheriff sale, and the mortgage company would not be able to recommence a new foreclosure until the stay expires, which is usually 90 days unless they move to lift the stay, which happens less than 20% of the time. Even after the 90 days, it's usually another 3 to 6 months before you end up back in foreclosure. So if that's all the time you need to catch up (keeping in mind the reinstatement figure will increase with every month's payment, not to mention additional interest & fees) then a 7 might be the way to go. There's more to the analysis than that, but that answers your question.See question
how can i get a bank to remove me from a mortgage/HELOC after a divorce? My ex owns the property, per our final decree, and the debt is causing my credit rating to plummet. The bank is refusing to remove my name. Thanks
If your ex is making the payments, that shouldn't affect your credit, so I presume they are not.
The simplest thing to do, is to pay it off and ask your ex to pay you back. Your other options are even less attractive. If your ex isn't making payments, you can ask the family court to grant some sort of relief, including ordering a sale, if the decree provides for such a remedy, and there is equity. You could ask your ex to refinance, but that may not be feasible either if their credit is poor and there is more than an 80% loan to value ratio.
I recently paid off a student loan over the last year in the amount of $4000. My dad is a co-signer on it . I was recently served with a lawsuit and will very likely be filing chapter 7. Are my student loan payments considered "preferential" becau...
I would not anticipate this would happen. Your dad didn't benefit from the student loan in the first place, so even though you relieved his debt load, I don't think even the most aggressive trustee would try to pursue this.See question
The company is an LLC and I don't receive a paycheck so I'm not employed by the company so how do I respond to the summons?
Let me get this right: you have personal creditors, and you have been clever enough to set yourself up as an LLC, which adds an additional layer of protection before the creditors can actually get you, and you are looking for free advice online as to how to completely and totally insulate yourself from paying your bills.
Since you claim the LLC does not pay you any money, I am wondering why you even have the LLC. But presuming that you are doing what many self-employed people have successfully done to evade their creditors, i.e. pay your personal bills through the business and don’t pay yourself a salary, you might get away with this, but chances are that a clever and persistent creditor will either pierce the corporate veil, or get a judgment against the LLC.
You should definitely retain competent helpful to discuss your options. You are probably at the end of the debt evasion process, and if you are as broke as you are claiming, a fresh start in a bankruptcy is probably going to be your best bet. Unless you enjoy playing dodgeball and running from your creditors.
I recently lost my home to foreclosure. The house sold at a $30,000 loss and it is FHA insured. I have done my research and understand that that a FHA loan is considered recourse, even in a non-recourse state like Minnesota (see See Carter v. J De...
First, despite your ability to attempt some legal research on the internet, you should not assume that FHA will come after you. Carter v. Derwinski is a VA case, not an FHA case. The only mortgages besides VA cases that I am aware of where you can be held liable, are HUD first-time homebuyers mortgages. You would need to look into your original purpose papers to see if you signed a separate guarantee to FHA. I doubt you did.
That said, if it turns out you owe on the difference, you can file chapter 7 on that.See question
I stopped making my mortgage payments in 2006. The mortgage was sold 3 times with none of them starting foreclosure proceedings until oct 2014. 3 sales have been cancelled since then. Is there a statute of limitation to protect me on this?
The statute of limitations does not begin until after the maturity date of the loan, which is typically 30 years after the mortgage is signed, although sometimes less than that. It sounds like you sort of won the lottery here, with the mortgage company that dropped the ball for 10 years. There was probably some sort of problem with them not being able to find the original paperwork. They might give you a very sweetheart deal in order to entice you to re-sign valid paperwork. Minnesota courts have not in general been very receptive to arguments that a mortgage company should not be able to foreclose, when paperwork exists, even if sometimes slightly defective, indicating that they did lend you the money and you gave them an interest in the property to the cure that obligation.
If a foreclosure is inevitable and there is no equity in the property, then sometimes we file a chapter 7 prior to the Sheriff sale to further extend the time you can live in the house before needing to move out.See question
I have a 2nd mortgage after foreclosure about 34000. I have not heard a word from them. It is coming up on the 6 years of statute of limitations where they can't sue me. It still shows on my credit report as collection charge off. Should I contac...
I would wait out the six years. It will come off your credit report after seven years. If you settle with them, it will restart the reporting time frame on it, and may actually prompt them to sue you. If they do end up suing you, then you could try to settle and/or file bankruptcy on it.See question
my husbands health has gotten worse and worse so that we had to modify our home and so on and just not enough money so used charge cards and now we just cant pay it all bacik
It's 8 years from when the prior case was filed, so you should be good to go next month. Since it can take month or so to get a case ready for filing (or longer if you need to make payments) you should probably contact an attorney now to get the ball rolling.
I am not aware of any bankruptcy attorneys in Lake City, and I could certainly meet you halfway if you are ever up toward the cities.See question
My husband and I had a business that went bankrupt, along with ourselves back in 2004. We lost everything and should have let the house go with it, but because we had young kids, we did not want to relocate with everything going on so we held ont...
It's unclear to me what type of lien this is - it's either a judgment lien or a mortgage lien.
If it's a judgment lien, there is a fairly simple process you can go through to get the judgment deemed discharged in light of the bankruptcy, which would then removed the lien. But it's my understanding that under title standards, judgments are only valid for 10 years, so if it is a judgment lien, you probably shouldn't have to go through that anyway, if you have an underwriter to understand things.
If it's a mortgage lien, even though your personal liability may have been discharged, there isn't a simple way you can get that removed. If your house is still worth less than what you all on the first mortgage, you might be able to get it removed by way of filing a chapter 13 and doing a lien strip.
You should figure out what type of lean this is, and then talk to a good attorney.See question
After foreclosure on my property and the sheriffs sale is completed. Can the lender or buyer enter the property? also evict me? In Minnesota. I do not have the ability to pay, but I'm under the understanding I have 6 months to stay. Thank You.
You have the right to stay in the property during the six-month redemption period. Sometimes they will drive by the property to see if it is vacant, so if there is no evidence that you are around there, sometimes they will change the locks, which isn't the appropriate way for them to secure the property but they sometimes do it anyway.See question