Bankruptcy Impact On Mortgages

Summary

The user is considering filing Chapter 7 bankruptcy in California and is concerned about the impact on his mortgage and property. The user has been advised about the homestead exemption in California, which can protect some equity in the home during bankruptcy. The user has also been informed about reaffirmation agreements, which can affect how the mortgage company handles the situation. The user has been advised to consult with an attorney due to the complexity of reaffirmation agreements. The user has been reminded that regular mortgage payments are necessary to avoid foreclosure, even after filing bankruptcy.

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Iam planning to file bk7 i california and I own a property valued around $* and I still owe * to the mortgage company and I am perfect in my monthly ornaments My question is If I file bk7 can I lose my home? thank you! ****
Is the value of your property $*,* and the remaining mortgage $*,*?

In California, the homestead exemption protects some equity in your home during bankruptcy.
Does the mortgage company can cancel my payment and repo the house?
What is your payment history with the mortgage company?

In general, if you're current on your mortgage payments, filing for Chapter * bankruptcy typically won't affect your home ownership.
Iam perfect not missing any payment no late payments in decades
That's good to hear. Are you planning to continue making payments after filing for bankruptcy?
Yes Iam current, no late payments in more than a decade. So if I file bk7 in California the mortgage conpany will not try to change my monthy payment no repo yhw property?
Iam filing bk7 in California and my question is if that will create a problem with my mortgage conpany. Iam current and I planning to continue paying perfclt every month
Are you planning to reaffirm your mortgage during your Chapter * bankruptcy? This could impact how your mortgage company handles your situation.
Yes the advice that I got from a lawyer is to file the reafirnation agrement
What is the current status of your bankruptcy filing?

General Information:
- In California, reaffirmation agreements must be voluntary and not cause undue hardship.
- Contact: U.S. Bankruptcy Court, Central District of California, (*) *-*.
Not filed yet. Because of this concern about my mortgage and the equity
What is the estimated value of your home and how much equity do you have in it?
Value * - 400k I still owe *-100k
What is the homestead exemption limit in your county in California? This could impact how much of your home's equity is protected in bankruptcy.
Lawyer told me 350k median value
What is the current market value of your home? In California, if the equity in your home is less than the homestead exemption, you can keep your home in Chapter * bankruptcy.
* to * max
What is the amount of equity you have in your home?

General Information:
- In California, the homestead exemption protects a certain amount of equity.
- Contact: U.S. Bankruptcy Court, Central District of California, (*) *-*.
i will asume * to 280k
What is the homestead exemption limit in your county in California?

General Information:
- In California, the homestead exemption protects a certain amount of equity.
- Contact: U.S. Bankruptcy Court, Central District of California, (*) *-*.
So if the equity is excempt will be no problem with the mortgage conpany?
If your equity is exempt and you continue making payments, the mortgage company typically cannot foreclose. However, reaffirmation agreements can be complex. Please consult your attorney.
Thanks for your help! If I file bk7 in California and my equity is in line with the hostead excemption, can the mortgage company change my monthly payment or repo my house. Iam a current and not late payments in the last 10 years?
Are you currently under any form of mortgage modification or forbearance agreement with your lender?

General Info:
- In California, Chapter * bankruptcy doesn't eliminate mortgage.
- Homestead exemption protects equity.
- Continued payment is necessary to keep the house.
No. We did the modification when prsident Obama provided and I was never late in any payment
What is the current equity in your home?

General Info:
- California Homestead Exemption protects up to $*,* of equity.
- Bankruptcy doesn't affect the terms of a mortgage.
Home average price of similar house in my block * I still owe 100k
What is the current market value of your home?

General Info:
- In California, if your equity is within the homestead exemption limit, bankruptcy won't affect your home.
- Regular mortgage payments are required to avoid foreclosure.
* to * max
What is the current interest rate on your mortgage?

General Info:
- In California, filing bankruptcy doesn't change mortgage terms.
- Regular payments are necessary to avoid foreclosure.
*.*
What is the term length of your mortgage?

General Info:
- In California, bankruptcy doesn't affect the terms of a mortgage.
- Regular payments are necessary to avoid foreclosure.
WHEN we did the modification was for 40 years will finish *
What is the remaining balance on your mortgage?

General Info:
- In California, bankruptcy doesn't affect the terms of a mortgage.
- Regular payments are necessary to avoid foreclosure.
100k aprox
What is the total amount of non-exempt assets you currently have?

General Info:
- In California, non-exempt assets may be sold in Chapter * bankruptcy to repay creditors.
- Regular payments are necessary to avoid foreclosure.
I have * old cars
What is the total estimated value of these * old cars?
I think will be under the * exemption
What are the makes, models, and years of these cars?
* neon 197k/ * Nercedes e320 174k/ * Mercedes c230k 135k/ * fird exploreer 134k
What is the total estimated value of each of these cars?
Neon $* * Mercedes $* / * ecplorer */ * mercedss *
What is the total amount of your unsecured debts?
None
What is the total amount of your secured debts?
Sorry insecure are *+*+*+*=36k
What are these secured debts related to?
None
What is the nature of your secured debts? Are they related to credit card debt, medical bills, or something else?
None
What is the nature of your unsecured debts? Are they related to credit card debt, medical bills, or something else?
Credit cards, personal loans, edd overpayment
What is the total amount of your credit card debt, personal loans, and EDD overpayment?
36k
What is the total amount of your monthly income and expenses?
Income 2k expenses same
What is the breakdown of your monthly expenses?
* mortgage+* dental wife+* utilities phones * car insurances+ * utilities
What is the breakdown of your monthly income?
Rest is food+ gas
What is your total monthly income from all sources?
*
What is the total amount of your monthly expenses?
* mortgage, car insurances, utilityes, dentakl, * to * food gas
What is the total amount of your monthly income after deducting all these expenses?
O to *
What is your employment status?
Permanently for *.* pastor
What is your monthly income from your employment as a pastor?
*
What is the total amount of your monthly expenses including your mortgage, utilities, insurance, and other costs?
Same
What is the total amount of your monthly income after deducting all these expenses?
*
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