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Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
There’s typically a waiting period after bankruptcy before applying for a new loan, including a mortgage. The length of the waiting period depends on what type of bankruptcy you filed for.
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
H.R. 1106 contains a provision, frequently called "cram down," which would allow judges to modify the rights of a mortgage holder, whether that mortgage holder is a primary lender or an investor in a mortgage-backed security, with regard to delinquent mortgages on primary residences if the borrower has entered Chapter 13 bankruptcy proceedings ...
In 2012, the Bankruptcy Court in the Middle District of Florida implemented its own version of the failed RMFM, but unlike the state court version, it has seen a much higher success rate. One Orlando bankruptcy attorney reported a 90% success rate, with 18% of his modifications involving principal reduction.
This was the mortgage by conveyance (aka mortgage in fee) or, when written, the mortgage by charter and reconveyance [8] and took the form of a feoffment, bargain and sale, or lease and release. Since the lender did not necessarily enter into possession, had rights of action, and covenanted a right of reversion on the borrower, the mortgage was ...