can you take out a second mortgage on a house that is currently under bankruptcy?
493147
once the paper work is started I don't think so\n\nAlso depends on amount of equity credit score alot of variables\n\nof course timing is important also it takes a while for that info to get out If your loan closes first hey your in there\n\nDo you have any other equity\n \nAlot to this
896227
Yes they can. If the property is in foreclosure then the loss of value is to the lien holder, not your mother, who will obviously be abandoning the property.
1065960
You cannot sell the home without paying off the second mortgage. So either you go bankrupt on both, or you pay off both in full at closing. The bank gets their check before you do, and their lien on your title will show up in the title search. There's no way to recieve the funding from the home sale without satisfying all liens first.
660151
Yes, you will be able to get another mortgage, however you will pay a higher interest rate, larger fees and jump through more hoops to get it.
638569
You can, but it will cost you more than its worth, you will get an outrageous apr on you second mortgage b/c of you beacon score. Get the payments caught up, hold off on big expenses and once you get to apoint where you can make payments early do it. After six months to one year your score should be back in a lower apr range, where you have more flexibilty and hopefully more equity accrued to play with. Just like getting the job that pays that good, it takes time and hard work, Good luck.
1143760
She should speak with the current mortgage lender regarding a "Short Sale".  This type of transaction is used when the house sells for less than the mortgage owed.  Yes, the difference must be paid back.  A payment schedule is created by the bank.  It is a better option than bankruptcy - but will still effect her credit score (or anyone else's score that is on the loan).  However, most people who have a short sale are still able to buy another home (while bankruptcy could proclude one from doing that)
865200
Yes, you should be able to refi the 2nd with no problem, assuming all the other credit issues are clear.  A neutral site I like with a lot of information on refinancing is at http://www.refinance-and-loans.com/ and they have a section in their topics on refinancing second mortgages.
793193
If you're in danger of falling behind on your mortgage, or if you're already delinquent, it's important to know what's ahead and what your options are. Usually, the faster you move, the more choices you'll have about your financial future.\n\nFiling for Chapter 7 or Chapter 13 bankruptcy protection sometimes paves the best path for debtors to retain their houses and deal with their creditors. Advantages of bankruptcy include the debtor’s ability to stop foreclosure without creditor acceptance and encompassing more than just the mortgage debt with a single action. If bankruptcy emerges as our first recommendation, your personal circumstances must be well suited for this option. In most cases bankruptcy comes as a last resort. While you may file bankruptcy on your own, you will almost always be better served to hire a qualified, experienced bankruptcy attorney.\n\nIn Chapter 7 all nonexempt assets are turned over to the bankruptcy trustee and debts discharged. Exemptions vary by state. In most cases the debtors possess so few assets that they may keep everything and have all of their debts wiped out completely. If a chapter 7 will not yield this result it may not be the best option. In Chapter 13 a plan outlines how the debtor will pay creditors over a three to five year period. Only a Chapter 13 can stop a creditor from foreclosing on a delinquent debtor over a period of years. Under a chapter 13 the court retains the right to scrutinize finances of the debtor for the life of the reorganization plan. For a Chapter 13 to work payments under the plan must be kept up or the court protection will evaporate and the house will go to foreclosure. To learn more read the chapter 13 bankruptcy FAQ.\nFull Payoff Refinance\n\nBorrow enough money on a new mortgage to pay off the balance on the old mortgage including arrearage and legal fees. This happens more often then one might guess. If the debtor has enough equity in the house, bad credit will not stop them from getting a new loan.\nFull Re-instatement\n\nIt doesn’t get easier than this, find out how much arrearage is owed and pay it in full. If a debtor could do this they probably wouldn’t be reading this, but just in case, know it exists as an option. In fact, most state laws grant the home owner the absolute right to re-instate before the foreclosure and require that the bank accept the full re-instatement and stop the foreclosure. Unless a creditor gives a debtor a hard time, they should not need outside help on this option.\nGive Up the Property\n\nToo often people refuse to examine this as an option. The problem may be that the homeowner cannot afford to stay where they are. If the debtor will not be able to keep the house in the long run it may not be advisable to throw a lot of money into a futile effort to save it from foreclosure just for the short run. Any cash available may serve them better if put towards a new place to live. If you owe more than the house is worth, look at a deed in lieu of foreclosure as described above.\n\nTerms can be negotiated with the creditor for debtors to stay in the house as long as possible before moving. Where debtors have equity in the house, try to arrange preserving it by selling it prior to foreclosure. In some cases other equity preservation strategies may be used when foreclosure cannot be avoided.
797645
refi and get out of that crappy ARM before you lose everything. Bankruptcy laws cannot help you in this situation (you'll probably lose the house) refi or sell it and take the loss (sounds like you bought too much home anyway)\n\noh you can refi at ANYTIME!
1071578
The foreclosure on one property does not affect the other mortgage unless you specifically signed a cross-default provisions.  If you were do declare bankruptcy, however, that might constitute a default under the other mortgage.
824665
If you are talking about during a bankruptcy proceeding, the answer is no.  Only the BK trustee can seize property.  If you are talking about something else, it would require a court order to seize any property.
951975
If most of the debt is credit cards, they may be able to negotiate a smaller monthly payment to reduce the debt. It isn't in anyone's best interest for them to file bankruptcy. If they sell their home and file bankruptcy, the home could be brought back into the bankruptcy if it is sold within 6 months of filling. Some property can be brought back into the estate for a year. Bankruptcy laws changed about a year or so ago. You can no longer just discharge your debts. In most cases, you must meet certain income criteria to get a discharge. If you don't qualify, you will need to file a repayment schedule which could run from 3-5 years. Given the new bankruptcy laws, I would suggest that they make a list of all their creditors and income and see if something could be worked out at a lower cost to help them get out of debt. I am very sorry for their current situation. You may also suggest for them to contact a consumer conseling agency. Most cities have something such as this. They can sometimes work out a payment schedule to help you get out of debt without filing bankruptcy. As a last resort, you could contact a bankruptcy attorney. I would contact the District Court, which handles bankruptcy, and ask them of some names of lawyers who do a lot of bankruptcies. They cannot recommend anyone, but could give you several names you could contact. \n\nCreditors will come after both of them if they are both on the loan papers, even if only one used the cards. If one files bankruptcy the other one will be responsible for the debts if they are jointly owned. There are exemptions for your home which varies from state to state. It is usually called a homestead exemption. California used to have a high exemption for bankruptcy. A bankruptcy could help them to keep their home. Good luck.
181914
Ask your bankruptcy lawyer, they will know.  It won't hurt to try.
853464
Anyone can have more than one mortgage (on different properties) as long as their credit is good enough for them to be accepted for the loan.  Think of people who own more than one house - some of them have to be mortgaged.\n\nIt's just hard to convince a lender that you are financially capable of handling more than one mortgage.
1130467
There are a few mortgage companies out their that will be able to finance you while being on disability and having your bankruptcy discharged.  However, Mobile Homes are usually not properties that they will refinance, due to lower value.  However it doesn't hurt to look into it.  I know of one company that might do it, because I used to work for them, but they are only licensed in a hand full of states so it would depend on where you live.  Also, like I said it is hard with mobile homes to get them refinanced with all those other existing conditions.
235810
No.  Mortgages are on specific properties.  You cannot transfer them from one to another.  Sorry!  To be absolutely sure, call your mortgage company, they will be able to answer it for you for certain as they are the ones granting the mortgage in the first place.
590594
I would attempt to just borrow the money to get back to current from a local lender.  Leave the mortgage where it is.