What would happen to house?

[boudro]

What is the name of your state? TX

Currently I have a home equity loan through my mortgage company and I am in some financial trouble. I am looking into possibly filing for bankruptcy, but I don't want to lose my house. The loan would not be apart of the bankruptcy, but I just wanted to let it be known that there is one. Is there a possibility that I could lose my house or a lien put against it?. My standing with the mortgage company is good. Thanks in advance!!

 

[amortgageman]

You can certainly reaffirm on your mortgage and your HELOC in the bankruptcy. Your BK attorney will have more details.

The important thing to consider is whether or not you can really afford these mortgages. If this has created your downfall, and you reaffirm, but later default, you will not be able to file BK again.

 

[MortgageGuru]

Also consider refinancing it before your credit goes too far south. Home equity loans are expensive and if you know that you can be more financially stable a few years from now then refinace it and get your payments lowered. Also having the month break before the first payment will provide a small boost to getting back on your feet.

 

[herkxena]

What is the name of your state? TX

Currently I have a home equity loan through my mortgage company and I am in some financial trouble. I am looking into possibly filing for bankruptcy, but I don't want to lose my house. The loan would not be apart of the bankruptcy, but I just wanted to let it be known that there is one. Is there a possibility that I could lose my house or a lien put against it?. My standing with the mortgage company is good. Thanks in advance!!

Talk to your bankruptcy attorney. If you are filing a Chapter 7, make sure the property is listed as being retained in your Debtor's Statement of Intentions. For a Chapter 13, make sure your lawyer understands you want to pay the debt in full. DO NOT make the mistake of not making provisions for this loan in your bankruptcy.