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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.
See: 4 Debts That Are Not Discharged in Bankruptcy Also: 3 Debts You Can Get Canceled Forever. Bankruptcy makes it harder to do things like qualify for a mortgage. But that doesn’t mean it’s ...
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.
The method can help you pay down debt faster, depending on the loan’s term. Cons of debt consolidation. Loans require a good to excellent credit score (670 or higher). The loan application could ...
When you're going through bankruptcy, applying for a loan might be the furthest thing from your mind. "People can absolutely recover from bankruptcy," says Jordan van Rijn, senior economist at the ...
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.
Homeowners who need financial assistance with their mortgages and other housing-related expenses can apply for help via the Homeowner Assistance Fund (HAF), a federal program designed to help ...