can we keep a home after filing for chapter 7 bankruptcy if we now wanna keep the home?

Asked by Jmcolligan, Appleton, WI Sat Jun 18, 2011

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11
Mark Leach, Home Buyer, Pine Bluff, AR
Thu Nov 6, 2014
I am just realizing that we will probably have to file for bankruptcy. Will I be able to keep my home if I file for bankruptcy? The home is mortgaged so I am assuming that I won't be able to keep it. Is there a professional that I consult about this?
mark Leach | http://www.brackettandstrunk.com/bankruptcy-debt-relief-knox…
0 votes
Joycelewis412, Home Buyer, Sacramento, CA
Sun Aug 25, 2013
You may be able to finance the purchase of a home two years after you have received your bankruptcy discharge, but you may qualify as early as one year after filing Chapter 13, or one year after discharge in Chapter 7.



Check if you qualify for a mortgage. Try http://www.whywaitbuytoday.com
0 votes
Roy Bush, Both Buyer And Seller, Phoenix, AZ
Sun Jun 30, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.
0 votes
Bob Georgiou, Agent, Danville, CA
Tue Jun 28, 2011
JM,

THis is for your bankruptcy attorney. I will share that in bankruptcy you choose the debts you wish to eliminate so if you want to keep the home the attorney can tell you how.
Web Reference:  http://bob2sell.com
0 votes
Kamal Randha…, Agent, El Sobrante, CA
Mon Jun 20, 2011
Hello,

It is very possible to keep your home after filing bankruptcy, and if you have 2 loans on the home, it may be possible to get rid of the second through bankruptcy. Please understand this is NOT legal advice, it's been my experience as I assisted my clients in finding best options for their situation.
0 votes
Emily Erekuff, Home Owner, Menifee, CA
Mon Jun 20, 2011
Hi Jmcolligan,

Your question was duplicated on our site, and you can find additional answers posted at the link below.

Best Wishes,

Emily Erekuff
Community Moderator
0 votes
Ron Escobar -…, Agent, Beverly Hills, CA
Sat Jun 18, 2011
Yes if it has no equity or the equity it has is less than your homestead exemption... this is very complex in details and information, do yourself a faveor and hire a competent attorney... you should be able to file a chapter 7 for a couple of thousand dollars all inclusive... get an aattorney that belongs to NACBA check them out at http://www.nacba.com
Web Reference:  http://shortsalecentral.org
0 votes
Elva Wormley, Mortgage Broker Or Lender, San Jose, CA
Sat Jun 18, 2011
Hi Jmcolligan,

This is a question for your bankruptcy attorney.

Best regards,

Elva Wormley
Cobalt Financial Corporation
0 votes
Pacita Dimac…, Agent, Oakland, CA
Sat Jun 18, 2011
Have you already filed for bankruptcy? And presumably you used an attorney to help?

If so, you should consult with that attorney who knows your situation regarding what you can do to keep your home.

Found this link to a chart comparing bankruptcy 7 and 13. You may find it useful.http://www.totalbankruptcy.com/overview/basics/chapter7-chap…

And this link answers the qustion about what property one can keep after filing for banruptcy
http://www.creditinfocenter.com/bankruptcy/bkProperty.shtml

Tons of good information out there....but no one better than your bankruptcy attorney.

Good luck!
0 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Sat Jun 18, 2011
Check with bankruptcy attorney and the Chapter 7 Trustee who is administering your case. That is the only way you will know for sure.

I have been told that if you have no equity in the property, the chances of keeping it are quite high. You will probably have to work out something with the bank who is holding your mortgage, to cure your delinquencies. Otherwise, they will be able to foreclosure once the property is released from the bankrupt estate. If there is equity in the property, then the Chapter 7 Trustee will liquidate the asset to pay off creditors.

The sooner you contact your attorney and the Chapter 7 Trustee the better. Don't delay if you really want to keep the property. Good luck and Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
http://shel-lee.listingbook.com
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Jun 18, 2011
You need to confer all your questions to your attorney no professional can render an opinion

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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