PART 7: Pause: How Long Until I Can Get a New House? The journey to homeownership post-bankruptcy can be both challenging and rewarding. The duration largely depends on the type of bankruptcy you filed, your credit health, and the type of loan you’re seeking. After a Chapter 7 bankruptcy, you’ll typically need to wait two …
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part 6: Stays: But I Thought I Had to GO! In the legal world of bankruptcy, a “stay” refers to the automatic stay provision outlined in 11 U.S. Code § 362. An automatic stay is a federal injunction that stops actions by creditors to collect debts from a debtor who has declared bankruptcy. This automatic …
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Part 5 Lien Stripping: What is That? Lien stripping is a powerful tool available under Chapter 13 bankruptcy. If you have multiple mortgages and your home’s value has decreased to the point where the first mortgage exceeds the property’s current value, then Chapter 13 bankruptcy allows you to strip or remove the second or third …
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Part 4 Before or After Foreclosure: When should I file for Bankruptcy? The timing of when to file for bankruptcy in relation to foreclosure depends on your specific circumstances. Filing for bankruptcy before foreclosure can temporarily halt the foreclosure process due to the automatic stay. This relief might provide you with the opportunity to negotiate …
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Part 3 Lucky number 7 or Or Ms Swift’s Favorite Number 13: When contemplating bankruptcy, you’ll likely encounter Chapters 7 and 13 of the U.S. Bankruptcy Code. While both types have the potential to forestall foreclosure, they accomplish this in different ways and have different long-term effects. Chapter 7 bankruptcy, also known as a “liquidation,” …
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Part 2 Does Bankruptcy Stop Foreclosure? To dive right into the heart of the matter, yes, bankruptcy can stop foreclosure, thanks to a provision in the United States Bankruptcy Code known as the “automatic stay.” An automatic stay is like a protective shield, halting most collection activities by your creditors, including foreclosure. When you file …
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Guide to Foreclosure and Bankruptcy: When two Super Powers Collide! Part 1: The Intersection of Foreclosure and Bankruptcy: A Comprehensive Guide Hello, I am Marvin Morrison, CEO of SFALLY.com. Let’s traverse the complex network of roads that intersect foreclosure and bankruptcy, with me as your guide. The journey begins by understanding the definitions. Foreclosure is …
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Proven Preventive Measures Stop Foreclosure Now: Proven Preventive Measures Stop Foreclosure Now: Proven Preventive Measures Are you staring down the barrel of foreclosure? If you’re like Marvin Morrison and find yourself in the throes of potential home loss, it’s crucial to understand that you have options. There are measures you can take to halt the …
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Demystifying the Foreclosure Process: What Every Homeowner Should Know When financial hardship strikes, homeowners like you often find themselves confronted with the intimidating term: foreclosure. This financial specter can seem complex and overwhelming, yet understanding it is essential. In this post, we aim to demystify the foreclosure process and provide key insights every homeowner should …
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When and What is Mortgage Default? When does the Clock start and stop? 00Days 00Hours 00Minutes 00Seconds Countdown to Christmas As homeowners, we all strive to make timely mortgage payments. However, unforeseen circumstances can lead to missed payments, resulting in a situation known as mortgage default. This post aims to shed light on this complex …