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For an FHA loan, you’ll need to demonstrate that you have improved your credit and haven’t taken on any additional debt since the bankruptcy. FHA loans “generally require a lower minimum ...
Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
There’s typically a waiting period after bankruptcy before applying for a new loan, including a mortgage. The length of the waiting period depends on what type of bankruptcy you filed for ...
In the eyes of the Internal Revenue Service (IRS), housing debt that is forgiven or written off is the same as income. If the law expires, forgiven mortgage debt will be taxable. The same applies to foreclosures and to loan modifications in which principal is reduced. Once the lender writes off the debt, it will report the amount to the IRS.
How long can a debt collector pursue an old debt? Each state has a statute of limitations on how long a debt collector can pursue old debt . For most states, this ranges between two and 10 years.
Key takeaways. You may be able to get out of debt without paying based on factors like your total debt, type of debt and income. Several programs are available to help forgive student loan debt ...
You get to keep your property with a Chapter 13 claim but you must be up-to-date on secured loans — like car loans — to avoid losing assets that act as collateral.
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