Chapter 7 Discharge Mortgage

I want to make sure I understand my position with my new mortgage servicer. It has been transferred to SPS which has HORRIBLE and nighmarish reviews, so I want to make sure I know what I’m talking about if I need to talk to them. Chapter 7 discharged in 2013. Mortgage not reaffirmed and discharged too, I guess.

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Chapter 7 bankruptcy discharge. A discharge releases the debtor from personal liability for discharged debts and prevents the creditors owed those debts from taking any action against the debtor or his property to collect the debts. As a general rule, however, excluding cases which are dismissed or converted, individual debtors receive a discharge in more than 99 percent of chapter 7 cases.

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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").

If you’d like to reaffirm your personal liability for a secured debt even after a discharge from Chapter 7 bankruptcy, a reaffirmation agreement is what you need to sign with the lender. Reaffirmation agreement is usually executed for secured debts such as mortgage, car loan, RV loan etc.

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If you file for bankruptcy under Chapter 7, you should be aware that not all debts are eliminated (or "discharged") once the bankruptcy process is complete. Generally speaking, in a Chapter 7 proceeding, the following debts are not discharged: Debts or creditors not listed on the schedules filed at.

Chapter 7 Bankruptcy Options. Chapter 7 often is what people have in mind when they consider ‘bankruptcy’. It is liquidation bankruptcy, the intended result of which is a discharge and forgiveness of debt. It can be utilized both by individuals and businesses, and usually is the preferred filing option for those who meet the eligibility.

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says her Chapter 7 bankruptcy discharge order was dated December. of Realtors (NAR), 24 months after your bankruptcy has been discharged is the ideal time to apply for a mortgage. By then, if you.

Filing for bankruptcy can be an expensive undertaking-lawyers usually charge upwards of $1,000 to file a Chapter 7 case-and student loans are difficult to discharge through. debt they’re carrying.

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