If you file for bankruptcy in ohio under chapter 7, do you lose your home?

Posted in the Glade Hill Forum

nellihamley9hq

Blue Springs, MO

#1 Nov 21, 2013
If you file for bankruptcy in ohio under chapter 7, do you lose your home?I work in the Mortgage Industry in the State of Ohio, and I'm also a life long native having been raised up in the shadows of this business. To answer your question; if you're not including the mortgage in the bankruptcy then no you would not lose your home. If you're behind on your mortgage payments and you're thinking about including it in the bankruptcy make sure you check with your mortgage company on their regulations regarding bankruptcies first. Also, ask them about placing you in a forbearance agreement. A forbearance agreement is a negotiated plan to get you caught on your payments. Most mortgage companies offer this. It may make your payments go up for a short while, but at least you won't lose your home.
A little advice about bankruptcies; if you haven't filed it yet, then don't! Especially since you're a home owner! Filing a bankruptcy is "credit death" in my opinion. Yeah everyone tells you it will be off your credit report in 7 years, but that has proven to not be true in my experience. I have customers that come to me that had a bankruptcy more than 7 years ago, and I still see it on their credit report. From a lender point of view; when we see a bankruptcy less than 7 years out we either bump down your credit grade to a "C" or less, which means you won't be able to obtain the maximum financing you may need, or we'll get you on the rate.
Please feel free to contact me if you have any other questions. I do this for a living.
bobbetteschwarz2 0ip

Blue Springs, MO

#2 Nov 21, 2013
nellihamley9hq wrote:
If you file for bankruptcy in ohio under chapter 7, do you lose your home?I work in the Mortgage Industry in the State of Ohio, and I'm also a life long native having been raised up in the shadows of this business. To answer your question; if you're not including the mortgage in the bankruptcy then no you would not lose your home. If you're behind on your mortgage payments and you're thinking about including it in the bankruptcy make sure you check with your mortgage company on their regulations regarding bankruptcies first. Also, ask them about placing you in a forbearance agreement. A forbearance agreement is a negotiated plan to get you caught on your payments. Most mortgage companies offer this. It may make your payments go up for a short while, but at least you won't lose your home.
A little advice about bankruptcies; if you haven't filed it yet, then don't! Especially since you're a home owner! Filing a bankruptcy is "credit death" in my opinion. Yeah everyone tells you it will be off your credit report in 7 years, but that has proven to not be true in my experience. I have customers that come to me that had a bankruptcy more than 7 years ago, and I still see it on their credit report. From a lender point of view; when we see a bankruptcy less than 7 years out we either bump down your credit grade to a "C" or less, which means you won't be able to obtain the maximum financing you may need, or we'll get you on the rate.
Please feel free to contact me if you have any other questions. I do this for a living..
This site can help you finding the best option for you:@www.credit-solutions.info

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