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(마이애미 한인) Foreclosures continue despite bankruptcy filing

(마이애미 한인)

Gary SingerGary Singer (September 28, 2012)
By Gary Singer Sentinel Correspondent September 28, 2012  

Board-certified real estate lawyer Gary M. Singer writes about the housing market at each Friday. To ask him a question, go to 

(마이애미 한인) Q: I filed for bankruptcy over two years ago and included my primary and rental home loans in the bankruptcy. Even though the loans are not on my credit report, two recent foreclosures for those properties show up on the report. My finances are back on track, and my credit score is over 700, but I can’t get another home loan. I’ve been told I have to wait three more years until those foreclosure judgments disappear from my record. Is there anything that I can do? – Gina

(마이애미 한인) A: Here’s what happened: When you filed for bankruptcy and were relieved of having to pay back the loans, the bankruptcy trustee abandoned the properties and allowed your lenders to finish the foreclosures. That’s standard procedure. When your lenders finally got the foreclosure judgments, the judgments showed up on your credit report much later than your initial bankruptcy.

(마이애미 한인) The key here is that while the bankruptcy relieved you of the debt on your homes, it left you as the owner of the properties with the mortgage liens intact. In order for the banks to get their collateral back, they had to foreclose. The bankruptcy does not automatically transfer a house to the lender, even though it wipes away the responsibility of repaying the mortgage.
Most lenders have underwriting guidelines that require several years go by after a major negative event such as a bankruptcy or foreclosure. You have two options: Wait out the remaining time or search for a lender with less stringent underwriting rules that will most likely charge you a higher interest rate.

The information and materials on this blog are provided for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed, nor should any such relationship be implied. Nothing on this blog is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.

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(마이애미 한인)

About jennyformiamihome

성심껏 도와드리겠습니다. 연락주시면 바로 상세히 답변드립니다. Jenny Shin / 신정미 부동산 (Broker's Real Estate) 남부 플로리다 마이애미 지역 한인 부동산 주택매매 렌트 싱글하우스 타운하우스 콘도 브라워드 카운티 마이애미 데이드 카운티 포트로더데일 웨스턴 코랄스프링 도랄 Rent or Buy single house, town house and Condo Miami Dade County / Broward County, fort lauderdale, coral springs, copper city, weston, doral 1398 SW 160TH AVE. SUITE 105 Weston, FL. 33326 Direct : 954-551-0236 Office : 954-384-1616 Fax : 954-697-0447 E-mail :


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Jenny Shin / 신정미 부동산
(Broker's Real Estate)
1398 SW 160TH AVE. SUITE 105
Weston FL 33326
Direct : 954-551-0236
Office : 954-384-1616
Fax : 954-697-0447
E-mail :


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