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Discussions tagged with 'bankruptcy'
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The wage attachment order is attached. Please give it to your payroll office to process ASAP.
Because the wage attachment was not put into place, the Trustee is missing your August payment and the trustee sent the attached notice that I sent to you on 9/8. You must get $594.66 to the trustee’s office (via TFS) by 9/18 or the case will be dismissed. Please send me a screen shot or some other proof of payment so that I can show that the trustee to prevent dismissal of the case.
Keep in mind that for your August and September payments, you will need to monitor your payments and pay directly to the trustee anything that the wage attachment does not. My office does not audit or double check the payments you make to the trustee to check for payment underfunding. You will need to make sure that the trustee gets the full payment each month – whether it be from the wage attachment or in the form of a direct payment from you through TFS.
Converting the case to Chapter 7 would not be helpful and probably harmful for two reasons:
1. You would lose the protection of the bankruptcy automatic stay. Your mortgage company is only being held at bay right now because you have a confirmed plan that pays the pre-petition and post-petition arrears. If you cannot catch up the arrears on your own and maintain the mortgage payments, then you will lose the house unless you can convince the bank to give you a modification. If losing the house is inevitable because you cannot afford the mortgage or plan payments, then the best option is to modify the plan to provide for the sale of the house while still maintaining the protection of the stay. A sale in chapter 13 is controlled by you, you control the price, realtor and timetable for sale. In chapter 7, the trustee sets all of the sale conditions and you do not control anything.
2. Based on current real estate valuation and the CMA we obtained almost 2 years ago, you probably have non-exempt equity in the house, and a chapter 7 trustee would take control of the house and would sell the house. You cannot say “no” to the trustee – who has legal authority to sell the house for the benefit of your unsecured creditors. When we filed the case almost two years ago, we had estimated according to a market analysis that it was worth $285,000d and subject to a mortgage claim of $228,000s. Your two household equity exemptions exempted all of the equity in the house based on a valuation of $280,000, but that was probably on the low end and since then, real estate prices have increased. A Chapter Seven trustee is required to sell the house in order to unlock the unexempt equity in the house for the benefit of unsecured creditors.
Brent
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replied 1 day, 3 hours ago
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Yes, you can secure a mortgage immediately following a Chapter 13 Bankruptcy. Most lenders will require one tradeline open for 24 months or more, or three tradelines open for 12 months. We do have access to a lender that will allow non-traditional tradelines such as rent history, utilities and subscriptions.
Minimum Loan to value is 70%. The lender will require reserves of 6 months and a credit score over 640. This is a great option for a borrower to get into a home and rebuild. They can refinance into a more traditional product in a few years when they have met the BK seasoning requirement.
View Last Reply: replied 1 year, 10 months ago
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Once credit is cleared/ improved could I be approved in the state of Texas for Mortgage loan originator license? As far as the states that was mentioned, California, Illinois, & Arizona would I have to hold or establish a residency to qualify? Also I’m interested in the commercial loan officer opportunity. What is the process, and would it give me the experience and expertise needed to becoming a licensed mortgage originator ? Thank you for your time and I look forward to your reply!
Respectfully,
Vernise GreenView Last Reply: replied 1 year, 10 months ago
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27 Replies
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Per U.S. District Court, bankruptcy filings in the United States is up 13% and surging higher. Inflation, high rates, and cost of goods and services are leading cause of unemployment and financial crisis among Americans.
https://www.uscourts.gov/news/2023/10/26/bankruptcy-filings-rise-13-percent
uscourts.gov
Bankruptcy Filings Rise 13 Percent
Total bankruptcy filings rose 13 percent, and business bankruptcies rose nearly 30 percent, in the twelve-month period ending Sept. 30, 2023. This continues a moderate rebound after more than a decade of sharply dropping totals.
View Last Reply: replied 2 years, 2 months ago
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I have a client who wants to buy a house during Chapter 13 Bankruptcy with USDA LOANS. He was. Told yes from Cross-country Mortgage on FHA loans but not USDA LOANS. Two years into a five year Bankruptcy repayment plan.
View Last Reply: replied 2 years, 2 months ago
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Inflation has been skyrocketing like never before in history. Home prices are at historic highs. Mortgage rates are almost at 8.0% with no signs of increasing. Rents are increasing every year but wages has not gone up. If anything, wages are decreasing and by no means keeping up with Inflation. What’s in the horizon? I feel bankruptcy rates will increase like never before.
View Last Reply: replied 2 years, 2 months ago
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Hello Everyone,
While you are reviewing your clients credit reports, there are some automatic violations that you need to look for. These violations will get escalated to an attorney, that will represent your client at zero out of pocket cost.
Bankruptcy:
Any creditor that was included in a bankruptcy that is still reporting a balance, post bankruptcy, is an automatic violation – Send them over.
Mixed Files
Any client that has multiple social security numbers on their credit report, names, addresses, etc (especially Jr’s, Sr’s, I, II, III, IIII, etc) Please send them over as their credit report could be mixed with another individual – Send them over
Payment Plans
Any client currently on a payment plan, making their monthly payments and the creditors are not updating the balance, This is an automatic violation – Send them over
Settlement Agreements
Any client that makes a settlement agreement and has written proof of the settlement agreement and the balance isn’t reduced to the agreed upon balance on the credit report, this is an automatic violation – Send them Over
Identity Theft
Any client with identity theft – send them over
I will need the following information:
Credit Report
Client Name
Client Phone Number
Email Address
Please forward to: ali@ficodiva.com
Start Hunting!!
View Last Reply: replied 2 years, 6 months ago
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