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A deed-in-lieu of foreclosure involves turning over your home to a lender to avoid foreclosure proceedings. In some instances, going this route could help you avoid paying the remaining loan ...
A foreclosure can damage your credit score and result in loss of property. ... (3,686 days), followed by Hawaii (2,597 days), New York (2,034 days), Georgia (1,929 days) and Nevada (1,852 days ...
While Chapter 7 liquidates non-exempt assets to pay creditors, Chapter 13 sets up a repayment plan for secured debts, enabling you to keep your home. But bankruptcy can complicate your financial ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
Under the new law, the homestead exemption, which allows bankruptcy filers in some states to exempt the value of their homes from creditors, is limited in various ways. If a filer acquired their home less than 1,215 days (40 months) before filing, or if they have been convicted of security law violations or been found guilty of certain crimes ...
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By contrast, you usually keep your property when filing for Chapter 13 bankruptcy. To qualify, you need to earn a regular income and agree to a repayment plan approved by the court.