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Posts tagged "foreclosure"

Post-bankruptcy home refinancing

For Kentucky residents who have filed for Chapter 13 bankruptcy or plan to file, there may be questions about how to move forward after the plan is in place. One article discusses the possibility of refinancing a home in the wake of a bankruptcy.

How will child support affect you bankruptcy?

While the concept of a Chapter 13 is relatively straightforward, the technical details can be complex. The idea behind a Chapter 13 is to allow debtors with regular income the ability to discharge some of their debts while giving them three to five years to pay their debts. For instance, if you have fallen behind in your mortgage, you can use a Chapter 13 to catch up on those arrears. The Chapter 13 also protects your home from foreclosure during this time.

Handling student loans in a bankruptcy

When you file a Chapter 13 bankruptcy, you create a Chapter 13 plan, which governs the repayment of most of your debts. However, a Chapter 13 plan has a few quirks, which may affect your student loan repayment. This is why it is important to speak with a bankruptcy attorney before you file, so you can determine the most appropriate option.

FHA changes requirements for borrowers with bankruptcy

The Great Recession was hard on many Kentucky residents in the Louisville area. The crash of real estate values coincided with the loss of many jobs, as businesses closed or laid-off workers. This left many people with homes that were worth less than their mortgages and it left them without sufficient income to continue making payments on the now overvalued mortgages.

Using Chapter 13 to strip a second mortgage

Many people in Kentucky use a Chapter 13 bankruptcy filing to protect their home from foreclosure. If you are earning a steady income, a Chapter 13 can help provide that "breathing space" to help you deal with other financial difficulties. It can allow you to repay mortgage arrears in a five-year Chapter 13 plan, and this can both stop a foreclosure proceeding and provide you with the time need to catch up with your mortgage payments.

Bankruptcy on $16,000 a month

Could you get by on $16,000 per month? This is only somewhat lower than the per capita income in Kentucky for 2012, at $22,300. Well, if you are the comedian Sinbad, you can't. You see, he is $10,992,715 in debt, and $16,000 a month is simply not enough to service his debt payments. So, he has filed a Chapter 13 bankruptcy, to attempt to reorganize his finances.

Mortgages not well understood by homebyers

Financial documents can be confusing. Mortgage loan documents can be more confusing than most, because most people only purchase a home once or twice in their lifetimes, and have few chances to gain experience with the process. The mortgage crises of the last decade showed that many borrowers failed to understand the implication of the documents they were signing. And that failure had monumental consequences when those borrowers began to default on the loans they could not afford. For many, it led to foreclosure and bankruptcy.

Foreclosure settlement checks bounce: Of course, they would

For some people, the mortgage crisis and the financial problems it spawned seem never to go away. From the initial finance-company, induced real estate bubble that drove the unbridled speculation that almost brought down the entire American economy, to the robo-signing foreclosure abuse, the residential real estate market has seen its share of disasters.

Homeownership in Louisville metro area to improve

The 13-county metro area of Louisville saw homeownership rates drop to the lowest in 8 years in 2011, however reports indicate there may be hope for 2013. Keeping that percentage from dropping in the coming year depends not just on people buying homes, but also current homeowners in the area staying out of foreclosure.

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