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chapter 7 discharge mortgage

We filed for chapter 7 and our house was included. All the debt in the chapter 7 was discharged, my question is are no longer responsible for the propert now that it has been discharged, or are we still responsible until the bank forecloses on the propert and gives us notice to vacate.

For Chapter 7 bankruptcy, FHA and VA regulations require a two-year waiting period from the time of discharge (not the time of filing).Conventional loans require a four-year waiting period from the discharge date. Getting a FHA or VA loan after Chapter 13 bankruptcy is a little more complicated. If you have consistently made verified payments for one year, you can apply for a FHA loan.

Many assume that after filing for a bankruptcy (chapter 7 or chapter 13) that you can not get a mortgage for at least 2-3 years after it is discharged. While this is the case with most banks and mortgage companies, there are some non-prime lenders that do not have these sort of waiting periods (also known as "seasoning requirements").

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In this economy, it is common for people who cannot pay their mortgages to file bankruptcy. A chapter 7 bankruptcy discharge eliminates your.

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If mortgage debt is discharged in bankruptcy, the credit hit will generally show up as a bankruptcy rather than a foreclosure or short sale. For help with any and all Chapter 7 questions and concerns, please don’t hesitate to contact the Kentucky bankruptcy attorneys at Bunch & Brock.

Foreclosure. Because Chapter 7 does not eliminate the mortgage lender’s lien on your house, the lender can still foreclose if you don’t make your monthly payments on time.

Mortgage in a chapter 7 Bankruptcy discharge – Q&A – Avvo – In a chapter 7 the obligation to pay the mortgage is what gets discharged. The lien remains and the mortgage can be foreclosed against the property only. Please note that any comments made are intended as general information only and not specific legal advice.

Chapter 7 New York bankruptcy is usually used by people with significant unsecured debts and little reliable income to repay them. Homeowners filing chapter 7 usually intend to stay in their homes or at most discharge a mortgage deficiency after selling them.