Terrence M. Nolan's answer Do you have a copy of what form you signed? The servicing company will provide a copy if you ask. Once you get it and read it, is it a Plus loan guaranty form? Is it your signature on it? Can you read and write the English language? Did you read the form before you signed it? Did you have the opportunity to read it, even if you did not choose to read it at that time. Did someone put a gun to your head and tell you, "Either your signature or your brains are going to be on that contract in...
Mark Oakley's answer A deed in lieu of foreclosure simply means you hand over the keys and deed and move out, but you must first get in writing that the mortgage company releases you from personal liability on the remaining balance of the mortgage. You'll have to cut that deal with the first mortgage holder, and make release of your liability on both the first and second mortgage a condition of doing so. Otherwise, you get little or nothing out of the deal. Absent a loan mod, can you afford just paying the first...
If you are reffering to a Chapter 7 Bankruptcy in which you properly listed a creditor and it received proper notice of your bankruptcy, then the creditor could not collect on a debt that was dischared in bankruptcy.
Timothy Denison's answer Yes. The children raise your household income allowance as dependents and help you with the means test. Claim everyone sent you have in calculating the means test for household family size, income and average.
Andrellos Mitchell's answer To protect personal and real property from being seized by the bankruptcy trustee and sold to pay creditors, the debtor must apply one of several exemptions available. Maryland's wild card exemption allows bankruptcy 7 debtors to exempt up to $6,000 in cash or other property AND up to $5,000 in personal property...for a total of $11,000.00 ($22,000.00 for couples).
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