Can I declare bankruptcy without affecting mortgage?
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hervey
Apprentice
Joined: 01 Jul 2006
Posts: 2
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 Posted: 07/27/08 - 04:35 Post subject: |
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I have taken a mortgage some time ago and it did not turn out as well as I have thought. I would like to know can I declare bankruptcy without affecting mortgage. I have heard it is a case, but I am not too sure. If anyone could help me, that would be great. Thanks in advance.
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tallie
Apprentice
Joined: 17 Apr 2005
Posts: 3
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| Posted: 08/26/08 - 00:32 Post subject: |
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| Mortgage is a loan you are given in order to buy the house. There is a possibility of it being taken from you if you are not fulfilling your obligations. That said, second mortgage helps you, but you have to have a great credit rating, have a history of good jobs, as well as a good equity for the first mortgage. However, if you have foreclosure that means that you were not able to keep up with your payments. Nevertheless, that need not happen in case of bankruptcy, especially chapter 13. Namely, such a move can even improve your rating, and if you still have any equity for your house, you may use that to pay off your mortgage. Hope you find the info helpful. Best of luck. |
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