Mortgages
FHA Says You Can Qualify for a Mortgage Two Years After Filing Bankruptcy
It seems everyone knows that you can’t get a mortgage after filing for bankruptcy, or that bankruptcy will forever ruin your credit, or that you will never again be able to finance the purchase of a new car if you file bankruptcy. On the other hand, everyone seems to know you have to wait ten years…
Read MoreRemember, There are Two Kinds of Short Sales
If your home mortgage is underwater (meaning your home is worth less than the amount you owe on the mortgage), or if you can no longer afford the monthly mortgage payments, you might be considering a short sale. This is a sale for less than the balance owed on the mortgage, which can only be…
Read MoreYou Don’t Need Bankruptcy To “Discharge” Your Home Mortgage After a Foreclosure
Good news for Minnesota homeowners whose monthly mortgage payments are so high that paying the mortgage is next to impossible: the myth that you have to pay the mortgage lender whatever its losses are after a foreclosure is just that, a myth. This is because Minnesota Statutes section 582.30, and section 580.23, prevent a mortgage lender…
Read MoreSecond Mortgage Lien Stripping in Chapter 13 Approved by Appeals Court
Minnesota residents no longer need to wonder if a second mortgage (or any junior mortgage) can be “stripped” in a chapter 13 case, thanks to a recent ruling by the Eighth Circuit Bankruptcy Appellate Panel. In this Minnesota case, In re Fisette, No. 11-6012 (8th Cir. BAP August 29, 2011), the appeals court sided with…
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