Q: WHAT DEBTS ARE NOT DISCHARGEABLE?
With some exceptions, the following debts remain even after bankruptcy:
· Child support & alimony
· Student loans that became due less than 7 years ago
· Federal and state income tax obligations less than 3 years old
· Debts for restitution from criminal convictions and drunk driving
· Debts the bankruptcy court decides where from intentional acts, fraud or wrongdoing (e.g., lying on your bank loan application).

Q: WHAT IS CHAPTER 11 BANKRUPTCY?

Chapter 11 is reorganization for businesses and individuals with debts too large for Chapter 13. Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, or individual with unsecured debts of at least $336,900.00 or secured debts of at least $1,010,650.00, although it is most prominently used by corporate entities.

For more coaching on How to Avoid Foreclosure

Originally posted 2008-07-07 10:56:46. Republished by Blog Post Promoter

Our eBook highlights “18 options to Avoid Foreclosure”, which we will be sharing with you through this blog. Please feel free to post questions and comments, it is easy to learn by studying, but it is through discussion that you begin to understand.

This is only one of the many useful sections of this 50-page eBook. If you are interested in picking up a copy of this coaching guide, please visit http://www.avoidforeclosurehowto.com.

Originally posted 2007-11-30 09:12:51. Republished by Blog Post Promoter

(Available on a very limited number of VA loans with lender and/or investor approval) (Called Recast for FHA)
Definition: A restructuring of loan that could result in a lower interest rate, extending the term of your loan, thereby lowering your monthly mortgage payments.

If you have incurred a long term financial hardship and can afford a new agreed upon payment, this might be an option for you. A loan modification is a permanent change to your mortgage. There are costs and fees associated with a modification that you will be responsible for. All property taxes must be current or you must be participating in an approved payment plan with your taxing authority to be eligible for a modification. Any additional liens or mortgagees must agree to be subordinate to the first mortgage. All requests are subject to your lender’s approval.

A loan modification is easier to arrange prior to the Mortgage Company filing a foreclosure lawsuit. Some lenders will not consider this after filing, but it’s worth trying.

For more coaching on How to Avoid Foreclosure

Originally posted 2008-06-24 11:53:22. Republished by Blog Post Promoter

Interested in more coaching on foreclosures?
Go to our Foreclosure Website

Originally posted 2008-01-17 08:45:07. Republished by Blog Post Promoter

Definition: Joint ownership of a property by one or more owner-investors and one or more owner-occupants. The owner-investors get the benefit of depreciation, and the owner-occupants can treat a part of their monthly mortgage payments as rent, and benefit from tax write-offs for interest and property taxes. When the property is sold, both types of owners share in the profit or loss realized from the sale or refinance.

This might be for you if there is some equity in the house and you would like to continue to hold it. It is vital you involve an attorney to put this together assuring all documents are formally filed correctly, protecting your asset. The benefit to you in utilizing this option is you are able to keep your house and lower your payments. Since the equity sharing partner would see the value of their investment at a later time, a plan for this would need to be in place in agreements filed with attorney, at time of sale.

Steps:

a. Partner(s) put up part of the required cash to cure foreclosure
b. Partner(s) pay part of monthly payment
c. Partner(s) get some percentage of ownership
d. Partner(s) get their money out at refinancing or sale down the road

Click Here for more coaching…

Originally posted 2008-01-11 08:51:08. Republished by Blog Post Promoter