Loans with bad credit history

I live in NJ we had a Countrywide mortage in 2006 that was sold to BOA. In December of 2010 we had to file Chapter 7 bankruptcy due to the downturn of the economy. BOA was suppose to reaffirm our mortgage debt, but never did.

Once we relized that our mortgage was discharged in our bankrupcy we stopped making payments. It has been 12 months since we have made a payment. Does anyone know the timeline for us to receive a foreclosure notice? I have friends in NJ that have gone 2-3 years without making a mortgage payment and they have still not received a foreclosure notice. Also, once a foreclose notice has been received how long does payday loans for bad credit no fees it take to go through the court system? I have also heard that if the bank does not posess the proper paperwork for the property, that the NJ court system cannot foreclosure. Banks are doing this to help manage homelessness and blight plus their accounting. Your mortgage and house is being used as a pawn on their books and they will decide when and how to foreclose based on these internal figures. Hence, there is no way to tell when and what will happen. The comments by me and the materials instant payday loans bad credit available at this web site are for informational purposes only and not for the purpose of providing legal advice.

Most of the information you find here is easily bad credit loans guaranteed approval direct lenders available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem.

The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. If a mortgage cannot be online payday loans illinois discharged in a chapter 7 bankruptcy, why is it showing on our credit report as discharged, and is no longer reporting? What i meant is that it is discharged, but you are not for the mortgage holder is free to repossess the collateral at anytime. You can also give the home back to the lender by surrendering it on your Statement of Intentions that should have been explained to you by your BK lawyer. In that event, the lender gets the home back, and any deficiency that remains is discharged through the bankruptcy. If you do not wish to give your home back to the lender, you would need to reaffirm the mortgage and negotiate a loan modification.


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A Chapter 7 bankruptcy is not a great solution and are for people who cannot keep making the mortgage payments and wish to discharge other large debts and start out fresh. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our If you are 12 months behind in your payments and have not received a default notice there is a loans with bad credit history real good chance the paper trail is missing on your account, also the chapter BK 7 you filed may have elevated your foreclosure case to a federal court. Yes there are examples of people living in there homes for 24-36 months after the lender files the foreclosure action. The process is moving along somewhat quicker now then in the pass however a homeowner by simply responding to a foreclosure complaint even without an attorney could stay in there home for at least 8-10 months and beyond. Therefore the Trustee did not force a sale of the property? Also it is quite possible that the bank or trust that you were paying your mortgage to each month actually had NO proof during the BK process that they were in fact the owners in due coarse on the property and had in fact no right to collect any funds from the BK trustee. I would sit back and enjoy the rent free living and stach away some cash. Also even though you have filed ch7 the bank will come forward to offer you a payday loan direct lender bad credit work out as they will go through your finances after the Bankruptcy. Some will require you to reaffirm and some will not. It also depends on the language in the ruling lifting the automatic stay. I agree with aces continue living there and save your money in an unaccountable way. I also felt that maybe our paperwork was misplaced by either Countrywide or Bank of America. Months before our bankruptcy we asked for verification that BOA had posession of our paperwork and deed, but they never produced it.
We do not contact the bank at all, we just want to let sleeping dogs lie. You gave me some valuable input and I really appreciate it. I am very interested in this as well as I am in NJ and will be filing for CH7 sometime in July. Our home is underwater and because of that we will not reaffirm the mortgage. My main concern is that a small local bank holds our mortgage-not a huge behemoth like BoA, WF, etc... Or is the payday loans online direct lenders no teletrack logjam in the court system since NJ is a judicial state?

Finally, we are paying PMI-does that make any difference regarding how fast or slow foreclosure will happen? I have heard that the court system in 30 day loan NJ is backed up over a year with foreclosures.

Our BK attorney advised us not to reaffirm since we were underwater. I am not sure if the smaller banks foreclose quicker than the larger banks. Also did you immediately agree 5000 dollar loan to mediation on your own or was the mediation court ordered? Was the original foreclosure complaint dismissed by the plaintiff? Is the litigation on going even with your modification terms in place? I am now 18 months no payments( Hampster Wheel Player) I am currently in litigation however I have no desire to go thru mediation, I used The Standing defense and presently getting ready to file my motion for summary judgment. Thank you for your time and I look forward to your reply. Very payday loans in austin tx interested to hear the timeline in NJ these days I have heard over 900 days at this point. Value today at zillow - 390k town assessment for fair market value - 330k. I know if the house went on the market it would go for maybe 350.

The second sent out an NOI in the beginning of April, which is what prompted us to make a decision to just get leave this mess and take advantage of the fresh start that the CH7 will give us. Mediation is optional in nj - i am pretty sure you have to apply for a date - had a long time between being foreclosed upon and going into mediation. People also bail on the mods for fear they will give over a lump sum amount required for the mod and then end top pay day loans up not keeping up with the mod monthly payments. In that case, the homeowner would have given up their loot for no reason. Gotta be REAL CONFIDENT that mod will work before rolling over for it. As a judicial state, there are lots of opportunities to cash till payday add time to the foreclosure process in NJ.

While you are not going to get a loans with bad credit history free house from fighting, you can add significant time to the process by fighting a bit.

If loans with bad credit history you are not paying a mortgage during that time, the cost savings can be substantial. If you are looking into bankruptcy, then consider filing at the beginning of the foreclosure process. If you are underwater on your house, and have other debts then BK can make sense.

By filing at the beginning of the foreclosure process, any money you save after your filing (assuming a chapter 7 BK) you can keep. The BK will wipe out your personal liability for the mortgage. You will be protected against a deficiency judgment and also against taxes on forgiven debt.

The bank can and will, eventually, foreclose on the house to collect their collateral. The important thing to do is to read and respond to all of the foreclosure notices. The first will be a notice of intent to foreclose (NOI). The noi must contain certain data and will give you 30 days to cure the default. The complaint starts the foreclosure in the NJ court system. It says that you are not paying and the bank is going to take back your house a according to the terms of the note. You have, I believe 30 days to answer the complaint, which you should do. Legal services of NJ has an adequate response document on their webpage. Do not agree with the complaint you need to make arguments as to why the complaint is wrong. The purpose of responding is for the Office of Foreclosure to mark your case as contested.

If your case is contested, it must go through more judicial review before it can loans with bad credit history proceed. This adds time, which is extremely valuable to you as you are not paying a mortgage.

An uncontested case goes back to the Office of Foreclosure for processing. Once you have filed your response to the complaint, follow up on discovery. Discovery is the process where the adversaries exchange information.

Again, this can add time, particularly if the bank is unresponsive with the discovery requests.