You can move your mortgage to the new property if the bank approved the amount. If the amount is the same and you do not need to increase the mortgage then you should have no problems moving the mortgage if bank approves the new property.

Hello Leigh, it sounds to me like you are selling your house and not buying another since you mentioned renting. Your existing mortgage will be paid out from the sale proceeds at the lawyers office. The rest of the funds will be given to you after all costs involved are paid. The biggest cost with regards to the mortgage will be the penalty to pay off your mortgage early. You will have either an "open" mortgage or a "closed" mortgage, and if you are not sure chances are you have a closed mortgage (Open mortgages carry larger interest rates and are not offered by lenders unless the client really needs one and asks for one). If you have an open mortgage there is no penalty. If you have a closed mortgage you will be charged either 3 months interest penalty or the Interest Rate Differential (IRD). You can check which one your mortgage is subject to by reviewing the mortgage papers you received when you set up your mortgage. 3 months penalty is self explanatory and is relatively small. IRD is a calculation that can be very high if the current market rates are lower than your current mortgage rate. I would love to give you more information and do some calculations regarding your specific situation if you like, no obligation. Please do not hesitate to contact me at any time. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

Hello Theodora, there are a few options available to you. It all depends on your current bank but the most common options are as follows. If you sell your home your mortgage can be ASSUMED by the person buying your house at the same rate as you currently have, this can be a selling feature if your mortgage interest rate is very attractive. Another option is PORTING your mortgage to your new property. In this case you are moving your mortgage balance and current rate to the new property, if you need extra funds it can be added to your new mortgage which is called a PORT AND INCREASE. The porting of your mortgage will help you avoid any penalties for breaking your mortgage agreement. The last option is the complete pay out of your mortgage. When you sell your house and you do not port or get your mortgage assumed it must be paid out before any sale funds find their way to you. I would be happy to discuss any other questions you have regarding mortgages. I am available from 9am to 9pm, I also work across all of Canada except Quebec. Contact me at any time: Abraham Niyazi Mortgage Agent Lic#M08010640 www.easyrate.ca 416-993-4082 or 1-866-728-3708 x 115

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To foreclose on it and during the past 6 months keeps making tax payments on it. my question is, are we going to owe anything to the bank for this? the banks says they are moving as fast as they can but because the mortgage was current when discharged it takes a while to for close. we owe 0 on the mortgage due to bankruptcy. in addition to this slowness on the banks part, they have tried several times to talk us in to keeping it??? but we dont want it and have moved on, i just wish they would take posession of it in their name and get ours off the deed. any input as to how this all goes along? located in massachusetts

They are likely stalling because the value in the property is less than was owed on the debt. Even though you filed bankruptcy and are no longer liable for the debt the lender has to take possession of the home and then try to sell it, so the overall effect to them is that they will lose more money than they are willing or able to write off as a bad debt. You didn't note who the lender was, or what type of loan you had, and both of these pieces of information could affect my answer. If the lender is a small company, or one that has been bought out recently, they may just be behind on their property management department. If your loan was a government backed loan, there may be an issue with getting a guaranty paid out for the property if the value is too low or too high in relation to what is owed. If they are trying to get you to keep the property I would suspect that the mortgage is far more than the property is worth and they will lose a large amount of money and hope that if you keep it, they can try and get some of the debt collected rather than try to write it all off. Lastly, if they didn't file for a Relief of Stay with the bankruptcy court, they will still have to do that before they can actually foreclose. Even though you filed bankruptcy, you and the debt are protected from any actions on their part until the court gives them permission to foreclose.

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Ok i don't understand much about this at all, but i'm really curious. if someone can't pay their mortgage for whatever reason and their house is going for foreclosure and they file for bankruptcy, how long after it is discharged with the courts, do they have to move out of the house? approx? as in how long much longer can they stay before they have to move out?

It depends on how fast the bank moves on the foreclosure and the subsequent eviction. Two to four months would probably be the fastest timeline from discharge to eviction.

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Does the mortgage co. generally wait 90 days before starting. it's been almost 60 days and we just got a letter saying they wanted to discuss the options. we also just had our bankruptcy discharged and it included the house. how long (est.) before they make us move?

This will depend on your state. Typically, the mortgage company waits at least 90 days to begin foreclosing on a house. But the type of foreclosure (lawsuit or not), time between the paperwork and the sheriff sale, and the time between the sheriff sale and the eviction are all determined by your original loan documents and the laws in the state. You could have anywhere from about 3 months after the bank starts the process to over a year to stay in the home before the bank can force you out. Either include the state in your question through an edit, or search for your state's foreclosure laws online. That should give you a better idea of how much time you have. Good luck. ForeclosureFish

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Filing in franklin county. told by our attorney that the foreclosure process will take at least 7 months. we do not want to keep the house. i thought that if we file the chapter 7 that the debts would be discharged and the property would go back to the creditor in the next 2-3 months, meaning the house would go back to mortgage company. attorney says that by filing now we will still have the same amount of time for the foreclosure to proceed and may stay in the house. in other words by filing and having the process start now we will not accellerate our need to move out of the house. i was planning on holding off the filing although it is stressful but see no reason too if we can still stay in house till the long drawn out foreclosure process completes. anyone out there who knows if the attorney is right or not? thanks

If you are not comfortable with your attorney's advice, then you should hire another attorney for a second opinion. DO NOT RELY ON ANONYMOUS ADVICE FROM STRANGERS, for an issue as crucial as shelter for your family! What if someone posts here, claiming that they are an attorney, or that they were in the same situation, and that they believe that your attorney is wrong and you should do something different? How do you know they're telling the truth about anything? We don't know anything about your specific situation, such as whether you are currently behind on payments (and if so, by how much). We don't know what the provisions of your mortgage are. I certainly don't know anything about Ohio law regarding foreclosures or evictions (I assume that it's the combination of those two processes that the attorney is referred to when he says "7 months"). We don't know if this is a purchase-money mortgage or whether Ohio has special protections for such mortgages. We don't know if there was fraud in the procurement or processing of the mortgage. Consult an attorney. I realize that funds are very tight for you (otherwise you would probably not be planning to file for bankruptcy), but you will NOT get good advice for free from strangers.

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We are moving to another state because of my husband's job and a friend would like to rent our house. our chapter 13 will be discharged next month and i am worried if we sell our house our credit score will go down. my husband is currently at a 709 score. we do not have any credit cards or auto loans. our mortgage is our only open line of credit. will our credit score suffer if we sell the house?

If the mortgage is in good standing ( No late payments) than I would keep the house and rent it (Mind you I would have at least three months mortgage payments set aside if the unit becomes vacate). Loans such as car loans, and mortgages do help build and maintain good credit. Keep in mind that is a person only has credit cards in good standing,... they can only reach a certain level of credit score, when you add the others your able to reach a higher score.

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Several years ago my son was badly burned in a campfire accident. the medical bills combined with the debt i accrued during college led me to eventually file bankruptcy. i chose to keep making payments on my house through the ordeal, thus staying in the house by keeping my mortgage up to date. my question is this: it was my understanding that should i leave my house any time after the bankruptcy it would be considered part the debt discharged in that bankruptcy. is this correct? can i really walk away from my house two years later or is there a statute of limitations? and if i did walk away would it hurt my credit [which i've managed to repair somewhat - 600+]? i would drather sell my home outright but the depressed economy would make it difficult to break even at best. unfortunately a move is in order and i am not sure about the best strategy yet. bankruptcy was a big deal for me and i hate to walk away from my signature but i've got to consider all my options. any expertise on the subject would be appreciated. i live in texas and i filed in '08.

you NEED to give the lawyer a call....should be a quick answer

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I filed for bankruptcy in 2003 but was discharged in october 2006. i found a house that i would like to move into. the real estate agent told me that i qualified for a fha loan. i signed a sales agreement with the agent. i paid him an appraisal fee. after talking to the mortgage broker, i was told to gather up all of my bankruptcy statements and the last 12 months of my utility bills. the mortgage broker is telling me that she needs to update my credit report and although closing for the house is supposed to be on june 23, i have not heard anything from the real estate agent. he hasn't told me anything about what happened in the appraisal. the mortgage broker said that she'll get back to me in a few days about my credit report, but my credit score is fine. does bankruptcy have an effect on whether or not i can receive an fha loan? shouldn't the agent have gotten back to me about the appraisal already? is this the normal procedure for rent to own homes? am i being too impatient? i wasn't just asked to bring in my utility bills; i was asked to bring in my w2 papers and my pay stubs.

I used to underwrite FHA loans and you CANNOT get an FHA loan with less than 2 years out of a bankruptcy . You know how long it takes to get an approval for an FHA loan? Takes me about 20 minutes to underwrite one...so assuming the mortgage company is busy, in 3 days they should have a CREDIT decision...this has NOTHING to do with whether the home appraises, if title is clear, etc. Call your loan officer and tell them you want TODAY to know if the UNDERWRITER has CREDIT approved the file or not. I would bet you a dollar he has only pulled credit and hasn't even sent it to an underwriter yet. FHA guidelines says you have to be 2 years out of a bankruptcy before you will even be considered and have re-established CREDIT...utility bills does not qualify for "re-established" credit. He is getting re-established credit confused with alternative credit, which FHA will accept, but only if you don't have a bankruptcy. PS: If he asked you to bring in paystubs and W-2's that means NOTHING...all that does is prove your income. It doesn't matter if you make $100,000 a year, FHA won't do a loan less than 2 years out of bankruptcy...period. Here is the proof: http://www.fha-home-loans.com/loan_qualifying_fha_loans.htm There are ZERO exceptions to that guideline.

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The chapter7 is final. the mortgage co. was to sell the house at sheriff sale on 4/30 as foreclosure. why would they foreclose what was discharged in chapter 7? how long will it be before he has to move if based on surrender? who is responsible for the maintaining of this junk house? the attorney office we contacted says the owner/ former owner?? is responsible. the house has black birds residing in the former partial soffits, bird poo all over the side, grass they have not mowed this season and junk all over. help information to all. ordinance inspect. says that they start mowing in june " on the list" doesn't matter about the condition of the soffits or the birds. if you live next to a house like this one, forget about property value, you have none, forget about selling, you won't get what your home is worth and forget about obtaining some sort of help from the local government because they are up to their ears in homes without owners. thanks to all.

If what you want to do is get the property cleaned up, call code enforcement in your city and ask what the procedures for filing a complaint are. Let them determine who is responsible and they will take the necessary steps to fine the owner or the bank. If you also think there are safety concerns, call the health department, too. A lot of cities are taking steps to force banks and owners of repo properties to keep them maintained.

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My friend couldnt make any more mortgage payments on his house so he filed bankrruptsy and was discharged and he surrendered his house now he is still living there in that house it's been 6 months already living for free and havent received any calls or letter from the 2 lenders what is going to happen next, is it ok to stay in that house or he must move out now

When he has to move out, believe me he will be the first to know.