If you have had the misfortune to declare bankruptcy recently, then you definitely know what a struggle it can be to get funds. Not only do you have a limitation on your ability to get funds from most lenders, but even getting a credit card will not be easy. However, one option that you do have, if you possess a house, is the equity that is in the house. Here is how you may still be able to get the needed loan you want by the equity in your house.
After a bankruptcy, you will probably need to wait about two years before most lenders will give you any money. They calculate that it will probably take about that long to begin to get reestablished financially. So, in the interim, you will want to be careful to build your credit rating and do nothing to make it any worse than it is. Also, look over your credit report and see if there is anything on it that is not correct. If there is, work to get the necessary corrections before you apply for any loans.
The good thing is that your creditors know that you want to keep your house. Other things may have been lost but you have kept the house. They also figure that you still plan to keep it - even after they issue you a loan. That gives you some stability in their eyes, and even makes you a rather good risk. Even if you should decide to not make the payments, they still will have the house to recover their losses.
This makes it look rather good to them. As long as other things look good, like you've had your job for a while, make a decent salary and do not have a lot of other debt you are paying on now, then you may very well be able to get the loan you want.
Even then, you may still want to check around to make sure you get the best deal. One way to do this easily, is to apply online and get several quotes from a broker. This way you just fill out one application and you may receive several offers. It would be a good idea to see several offers, and compare them to find the best option.
Be sure that you will not be able to get really good terms - at least not nearly as good as someone with good credit. You will most likely have not only higher interest, but shorter repayment terms, too. They will also cut down on the size of the loan you can get, too.
A possibility exists, though, to work on getting a better loan. When you find someone will give you a loan, make it a small one. Get one that you can pay back in a short time. This way, you can start to rebuild your credit and get a larger one on better terms before long. The bankruptcy mark will stay with you for a while, but you still can have access to some of the loans you may need.
Ch. 7 Bankruptcy-Non Reaffirmed Home Equity Loan: Can Lenders Foreclose?
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How To Get A Mortgage Even After Bankruptcy
Can you get a mortgage after bankruptcy?
Today on Debt Free in 30 I talk with mortgage agents Michael Smele and Bev Gay about whether it’s possible to buy a house after, or even during, a personal bankruptcy or consumer proposal. They each give their opinion about who can qualify for a mortgage and what options are available to individuals with poor credit.
The biggest take-away from our conversation about buying a house — saving up the biggest down payment possible will not only reduce your monthly payments, but it could also mean that additional insurance fees will not be included in those monthly payments.
Can I Get a Mortgage After a Chapter 7 Bankruptcy and Chapter 11 Bankruptcy ????????
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How to Buy a Home if You Filed for Bankruptcy
How to Buy a Home if You Filed for Bankruptcy. Part of the series: Finance Tips. Just because you've filed for bankruptcy doesn't mean you can't still buy a home. Buy a home if you've filed for bankruptcy with help from a real estate and mortgage professional in this free video clip. Read more:
Refinancing a Mortgage Without Reaffirming the Loan | Bankruptcy Law
How do you refinance your mortgage if you do not reaffirm the loan? This is a common problem for people who file bankruptcy. Bankruptcy law firm Westgate Law bankruptcy attorney Justin Harelik explains how you can refinance.
If you're in Los Angeles and need help filing bankruptcy, call us at 800-891-1995 or visit
3 Steps for How To Get A Business Loan With A Bankruptcy
How To Get A Business Loan With A Bankruptcy -
Hi guys, Tim Mc here from Finance Agents. You are probably watching this video because you are searching for *how to get a business loan with a bankruptcy.*
Well you are in the right place. We've helped over 100,000 entrepreneurs obtain over $1 Billion in funding. We've made the Inc 500 list 3 times and for 5 years running have had the #1 funding related affiliate marketing program in the world. Watch to the end for a special bonus tip from one of our lenders.
Now here are the top 3 things you need to know about how to get a business loan with a bankruptcy:
1. To start, having a personal bankruptcy is a major hurdle to obtaining a traditional business loan like an SBA loan. While there are exceptions, your best bet is to start looking into other types of financing. Factoring, Merchant Cash Advances, and Equipment Leasing companies are all much more likely to lend to you. If you have significant equity in real estate then you can possibly get a private loan using the real estate as collateral. If you have 401k savings you can use that money to invest in your business as well.
2. Second, make sure that you develop positive payment history for at least a couple years after the bankruptcy has been discharged. No matter how bad your past has been, you can start to do this by opening secured credit cards and never missing any payments. Also, sign up with a credit repair company right away so that you can put yourself in the best position possible.
3. Third, build your business as strongly as possible without financing. Specifically try to file your business taxes leaving significant net profit and avoid writing off personal expenses as business expenses. Avoid having negative days in your business bank account and don't bounce payments because lenders will see this.
* One way to get around this problem is to bring on a co-signer with great credit and give them majority ownership in the business. If the person with bad credit owns less than 15% of the business some lenders will not check that persons credit at all. Then you can even create an option agreement with the other partner so that once the loan is repaid you can buy back some portion of the business at an agreed rate.
The reality is that getting a loan with a bankruptcy is a complicated process and you are best off if you get help from experts. But don't feel alone. Many other people have gone through this same process and if you are determined there are ways to succeed.
If you found this helpful please like this video and subscribe to our channel. Your support helps us help more people just like you. You will find links to many more videos that go into much more detail in the description notes below.
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How does a bankruptcy affect a second mortgage or equity loan?
How does a bankruptcy affect a second mortgage or equity loan? | Harper Ogden LLC. | Guiding Your Steps to a Debt Free Life | Emily A. Ogden | James Tram Harper | | 321-888-2020 | 260 N. Tropical Trail, Suite 105, Merritt Island, Florida 32953
Any chapter 7 you can receive a discharge of the personal liability however, the lien would still remain against the property. However, in a chapter 13 if you owe more on the first mortgage then the value of the property we maybe able to strip that mortgage off of the property. Whenever you receive your discharge in the chapter 13 it goes away.
What happens in bankruptcy if you have too much equity in your home? (Utah)
Utah bankruptcy attorney Robert S. Payne discusses what happens if you have too much equity in your home and want to file bankruptcy.
How does a bankruptcy affect a second mortgage or equity loan?
How does a bankruptcy affect a second mortgage or equity loan? | Law Office of K. Hunter Goff, P.A. | Helping Central Florida get out of debt since 2002 | | (407) 898-8225 | Offices in Orlando and Minneola
In a Chapter 13 bankruptcy, you can eliminate a second mortgage or equity loan, if the value of your home is worth less than what you owe on the first mortgage. In that case, the second mortgage becomes wholly unsecured, and you can strip it off in a Chapter 13. At the end of your case, that lien goes away, and you no longer have to pay the debt.
How does a bankruptcy affect a second mortgage or equity loan?
How does a bankruptcy affect a second mortgage or equity loan? | The Golden Law Group | Helping Residents & Businesses Get Financial Stability | (813) 413-8700 | | 808 Oakfield Drive, Ste A, Brandon, Florida 33511 | 9040 Town Center Pkwy, Bradenton, Florida 34202
If you file a Chapter 7 case and you want to keep your home you'll also have to continue to make payments on your equity loan or second mortgage. However, if you're filing Chapter 13 and the home is worth less than what you owe on the first mortgage, then it is possible to strip the second mortgage, make that an unsecured debt and discharge it in your Chapter 13.
Can the consumer debtor get a loan after bankruptcy?
Trustee in Bankruptcy Services Toronto. If you are not yet bankrupt we recommend that you learn more about your Bankruptcy options. Personal or business bankruptcy, debt consolidation, consumer proposal are your basic bankruptcy options.
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Can a bankruptcy discharge a second mortgage or home equity loan?
Can a bankruptcy discharge a second mortgage or home equity loan?
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Yes, Chapter 7 bankruptcy can discharge a second mortgage or a home equity loan. However, after your case is over, the lien remains and the lender can pursue foreclosure of the lien. In a Chapter 13 case, it may be possible to strip off or eliminate second mortgages or home equity lines of credit with a process known as a lien strip. That would be available if your first mortgage exceeds the value of your property.
How does a bankruptcy affect a second mortgage or equity loan?
How does a bankruptcy affect a second mortgage or equity loan? | RLC, PA | Lawyers & Consultants | Tate Russack | Cami Russack | | (877) 705-8837 | 7999 North Federal Hwy., Suite 100-A, Boca Raton, Florida 33487
When you file bankruptcy, you must list every debt you have a legal obligation to pay, this includes a second mortgage or a home equity loan. When you receive your discharge of bankruptcy, those loans are discharged equally with every other debt. The unique thing about a second mortgage or a home equity loan is the loan itself which was typically secured by your house may no longer be secured by the house. You must ask your bankruptcy lawyer to review this issue and see if you can strip the home equity or the second mortgage off your home prior to receiving your discharge.
What Happens To Shareholders When A Company Files Bankruptcy
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Hello, this is June Collier from Make Your Money Work for You. In this video, I will discuss what happens to shareholders when the company stock they are holding has filed bankruptcy.
I recently reported that J.Crew has become the first national US retailer to file for Chapter 11 bankruptcy protection since the coronavirus pandemic forced a wave of store closures.
So what does bankruptcy mean for a company?
A bankruptcy filing doesn't necessarily mean a company will go out of business; that’s a Chapter 7. Rather, many companies use a Chapter 11 bankruptcy to shed debt and other liabilities they can't afford while closing unprofitable operations and locations. This positions them to continue to build their operations after the restructure.
This is great news for the company but what does this mean for shareholders of a company that files bankruptcy?
When the company files for Chapter 11 protection, you should expect the price of the stock to plummet. A Q is added to its stock symbol to indicate to everyone that the company is now in bankruptcy proceedings.
One of the main objectives of Chapter 11 is to take care of the company's creditors and restructure the debts in a way that the company can continue to operate. These creditors get paid back in the order of the priority of their claims.
Secured creditors (usually banks) get paid back first.
Next are your unsecured creditors such as bondholders. I have spoken about corporate bonds in the past. A bond is nothing but a loan that investors give to a company with the expectation of payback plus interest.
Third in line are preferred stockholders. I have taught in the past about the two types of stockholders, preferred and common.
Last in line is the common stockholder. They are last in the priority line. Common stockholders generally only get anything if the rest of the creditors are repaid in full and since the reason most companies use Chapter 11 protection in the first place is an inability to pay their debts, you can probably imagine that this doesn't happen too often.
What happens to the price of the stock?
Most of the time it becomes worthless and the shareholder gets completely wiped out.
The company may issue new shares after emerging from bankruptcy, at which point the old shares are canceled and become worthless. The new shares are often issued to its creditors in exchange for a reduction or forgiveness of the outstanding debt.
Again, the shareholder of the original stock is left holding the bag with little recourse.
However, while the picture looks doom and gloom for shareholders of a bankrupted company, there are some possibilities for a glimmer of hope.
There have been cases where existing shareholders receive something after the company emerges from bankruptcy -- usually a small portion of the newly created stock or a relatively small cash payment.
However, it's not a good idea to count on it. It's rare and usually isn't much even when it happens. A study found that of the 41 publicly traded companies that went bankrupt in 2009 and 2010, shareholders of just four of them got any kind of return at all. The rest got wiped out completely.
And for those of you who think you will purchase the stock of a bankrupt company for pennies per share and hope to make a quick buck when the company restructures; that almost always turns out to be a bad idea. Don’t take that fool’s risk.
In conclusion, while bankruptcy doesn't have to be a complete death sentence for common shareholders, that's usually the case. If I found myself holding a company that has filed bankruptcy, I would sell whatever shares I had as quickly as I could while there was still something to be made back and take my losses.
I hope you found this video helpful and I hope it gave you some insight as to what typically happens to shareholders of companies who file bankruptcy.
June Collier
Investor | Financial Literacy Coach
678-837-JUNE (5863)
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Qualifying for a Mortgage Loan After Bankruptcy
Qualifying for a Mortgage Loan After Bankruptcy
In this video you'll learn that most bankruptcy filers can obtain a mortgage loan within one to two years after filing bankruptcy.
Want more information about filing bankruptcy in Atlanta. Visit my YouTube channel at
How Long After Bankruptcy Can I Buy a House?
If you are a needing to file for bankruptcy you may be wondering how long after your bankruptcy will it be before you can buy a house.
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If I FIle for Bankruptcy Can I Keep My House and Car? | Learn About Law
In this episode of Learn About Law, Kevin O'Flaherty explains how you can keep your house and car, even if you file for Bankruptcy. He reviews the four factors that influence what property you can keep after bankruptcy filling.
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Can A Bankruptcy Discharge A Second Mortgage Or Home Equity Loan
Check The New Video On Can A Bankruptcy Discharge A Second Mortgage Or Home Equity Loan on PeytonBolinLawFirm
#Tip 5 - 2nd Mortgage Loan After Bankruptcy Get Approved Online With A Sub Prime Lender!!!
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2nd Mortgage Loan After Bankruptcy - Get Approved Online With A Sub Prime Lender
A 2nd mortgage loan after a bankruptcy is the easiest way to access cash. With online sub prime lenders, you can qualify for a mortgage as soon as your bankruptcy closes. But for near conventional rates, it is better to wait two years and build a solid credit history.
Bankruptcy And Sub Prime Lenders
Millions of people file for bankruptcy every year for many understandable reasons, such as job loss or illness. Sub prime lenders understand this and are willing to lend to such people
Specializing in high risk loans with unconventional terms, sub prime lenders can work out financing for virtually anyone. Legitimate lenders will offer rates that are competitive with reasonable closing costs.
Bankruptcy Affect On Your 2nd Mortgage Rates
The first two years after a bankruptcy are the most difficult for your credit score. Right after your bankruptcy, you will qualify for “E” class loans, the highest rate mortgages.
After a year and a good credit history, you can qualify for better rates with a “C” class loan. Rates are typically about 3% to 5% higher than conventional rates. And in two years, you can possibly have an excellent credit score and get prime mortgage rates.
Other factors also affect your mortgage rates. Keeping a large percent of your equity in tact along with cash assets could possibly bump up your credit score.
Comparison Shopping For Better Rates
No matter when you decide to secure a 2nd mortgage, you need to shop loan rates before settling on a lender. Each financing company has its own formula for determining rates and closing costs. A careful search of loan estimates will ensure you get the cheapest rates and fees.
If you don’t have a specific lender in mind, start with a mortgage broker site. They partner with several different companies to come up with special offers. From there you can expand your search to individual lender sites.
When you are looking at rates, be sure they include closing costs as well. With some lenders, low rates are available only if you pay thousands up front. You may also want to consider a home equity line of credit if you want to keep loan processing fees to a minimum.
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#3 of 8, Statement of Intention & Missouri Bankruptcy Exemptions
Video #3 of an 8 part video segment that explains the ins and outs of the Missouri Homestead Exemption (513.475) and the exemption for mobile homes in 513.430(6). Learn the distinctions and scope of protectons.
Is it possible to get a loan modification in Florida after bankruptcy has been filed?
Chip Parker, Parker & DuFresne, - (904) 342-6652. Florida Foreclosure Defense Law FAQs: Disclaimer:
Bankruptcy and Mortgage Deficiency | Emerge 180
Federal court process by which a debtor can discharge or reorganize their debts.
Intended to provide the honest but unfortunate debtor with a “fresh start.”
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Mortgage After Bankruptcy And Foreclosure With No Waiting Period
1. Bankruptcy Pending and Foreclosure Requirements
* Until NON-QM Loans and Alternative Finance Programs were launched, the only way to qualify for a post-bankruptcy and foreclosure mortgage was to meet the post-bankruptcy and enforcement waiting period.
* These are the post-bankruptcy waiting period requirements to qualify for VA and FHA loans and conventional loans:
- Post Chapter 7 Waiting Period For FHA and VA loans, the bankruptcy period is 2 years
- 4 years for regular loans
- There is no waiting period after the end of Chapter 13 bankruptcy to qualify for VA and FHA loans
- After the closing date of Chapter 13 bankruptcy proceedings, there is a two-year waiting period to qualify for conventional loans
- Consumers one year after Chapter 13 Bankruptcy Payment Plan may be eligible for VA and FHA loans with trustee approval
- There is a four-year waiting period to qualify for a compatible conventional loan upon conclusion of Chapter 7 bankruptcy proceedings
- After registration of the replacement act and/or short sale, there is a four-year waiting period to qualify for traditional loans
* There is a seven-year waiting period to qualify for a conventional loan after the recorded acquisition date.
2. Loans other than QM
* NON-QM loans are alternative lending schemes under which bankrupt and bankrupt borrowers and self-employed borrowers may qualify for a home loan under incompatible lending schemes.
* These are the non-QM loan programs offered by Gustan Cho Associates:
- Loan programs for owners and non-owners
- No grace period after bankruptcy and foreclosure
- Mortgage loans with bank statements for self-employed borrowers
- Gustan Cho Associates offers 95% LTV Jumbo Mortgages without mortgage insurance
- Jumbo mortgages with 500 credit points
- Fix and Flip Loans with 15% prepayment and construction financing of 90 LTV without tax returns and income verification
- Loans for investment real estate without income verification and tax refund
* General line of credit with no income verification for 7 or more investment units.
Read more
* You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for faster response.
Or write to us at gcho@loancabin.com. We are available 7 days a week, in the evening, on weekends and holidays.
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Refinance or Loan Modification After Bankruptcy
(Winter Park, Florida) bankruptcy lawyer Eric Lanigan talks about the options you have after you finished a bankruptcy and now you want to seek a modification of your home mortgage.
You are not creating a legal obligation to pay the bank back if you enter into a modification agreement. For instance, in a HAMP manual that deals with the Home Affordable Mortgage Plan, one of the government plans, the government specifically says that you are not reaffirming the debt or reinstituting the liability.
From our own experience here we’re constantly involved in modifying loans that have been discharged in bankruptcy in fact we often find it much easier to modify those loans because the bank is over the idea that they have this big legal obligation hanging over their head.
They recognize the fact that if it’s been discharged in bankruptcy they don’t have that so the conversation really now is about what the property is worth, not what you owe because you don’t owe anything. So there is no law on that point.
Keep in mind, you can get a modification where people are getting them all the time it does not in and of itself create a new legal obligation or reinstitution of the obligation that was discharged, but make sure you’re actually doing a loan modification and not a refinancing and the best way to do that is have a lawyer knowledgeable in the subject review the agreement before you sign it.
Consult with mortgage workout specialist Rich Marquez, a non-attorney who works for the Lanigans. Call 407-740-7379 to meet in the offices located at 831 W. Morse Blvd., (Winter Park, Florida)
If you liked this video you may find this video on the Lanigans YouTube video helpful: Auto Equity Greater Than Exemption - Florida Bankruptcy
What is a home equity line of credit HELOC? | Bankruptcy Lawyer Port St Lucie
What is a home equity line of credit HELOC? | Bankruptcy Lawyer Port St Lucie
A home equity line of credit or HELOC is just like any other mortgage. It just happens to be a secondary mortgage behind the first mortgage. Generally, it could be a first mortgage as well. It covers the lender trough the equity that you hold in your home. If you are having trouble paying your HELOC, then you should talk to a bankruptcy Attorney about filing bankruptcy to protect your home. Many times HELOCs can be discharged in bankruptcy.
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Panic: The Untold Story of the 2008 Financial Crisis | Full VICE Special Report | HBO
VICE on HBO looks at factors that led to the 2008 financial crisis and the efforts made by then-Treasury Secretary Henry Paulson, Federal Reserve Bank of New York President Timothy Geithner, and Federal Reserve Chair Ben Bernanke to save the United States from an economic collapse. The feature-length documentary explores the challenges these men faced, as well as the consequences of their decisions.
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Debt vs Equity Financing | Advantages & Disadvantages | Key Differences
In this video, Debt vs Equity Financing we will study its key differences along with advantages & disadvantages.
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Debt means taking the money and debt financing means taking money without granting away your rights of ownership.
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#1 - Debt financing does not give company lender rights of ownership.
#2 - After subtracting taxes, you start paying interest on loans.
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#1 - Too much loan or debt generates cash flow issues which make it hard to repay your debts.
#2 - You have to pay the money back in a certain amount of time
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Company needs cash or extra income to grow continuously.These resources can be raised by equity financing .
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#1 - The risk is lower here because it's not a loan and it does not need to be repaid.Equity Financing is a very nice way to finance your business if you can't afford a loan.
#2 - We collect a shareholder network that increases your firm's credibility.
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#1 - In event of extremely large dispute with shareholders, you might only need to take advantage of cash and let investors run your business without you.
#2 - It takes time and effort to find the perfect investors for your firm.
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#1 - Debt is short - term finance, Whereas equity is firm's long - term finance.
#2 -Debt financiers are the firm's lender.Whereas, company's shareholder is the company's owner.
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How To Know When To Refinance Your Mortgage
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Capital structure explained
In stories about the auto companies and the banks, we've been hearing a lot about debt-to-equity swaps, and exchanging preferred shares for common stock. To get how those swaps work, you first need to understand a company's capital structure. Paddy Hirsch explains. #MarketplaceAPM #CreditSwaps #EconomicExplainers
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Chapter 7 and Chapter 13 Bankruptcy Cases - 20 Differences to Consider Before Filing
Chapter 7 and Chapter 13 Bankruptcy Cases - 20 Differences