You might slack off on your mortgage payments due to events beyond your control. When this becomes a cycle, you’ll eventually have to file for bankruptcy. While filing for bankruptcy might seem stressful, it’s actually one way to help you recover from all of your debt and start afresh.
The feeling of declaring bankruptcy might be likened to hitting rock bottom financially. Although bankruptcy erases previous debt, it remains on your credit record for seven to ten years, which negatively affects your long-term chances of being approved for a mortgage or other forms of credit.
Although you may not want to file for bankruptcy, it happens. When you’ve looked at all your options and can only choose to file for bankruptcy, it’s crucial to understand what you’re signing up for. You should be aware of your options and how they may affect either your current mortgage or your ability to get a house loan in the future.
If you’re a homeowner in Youngstown, OH deep in debt, keep reading, because this article will tell you the basics of bankruptcy and how it can affect your property. This article will also touch on what you need to remember when selling your house while in bankruptcy.
How Does Bankruptcy Affect Your Youngstown Property?
Depending on the type of bankruptcy you’ve filed, you may or may not be able to keep your Youngstown property. Chapter 7 or Chapter 13 bankruptcies are two common types of bankruptcies. You will probably keep your property if you declare for bankruptcy under chapter 13. However, you might have to part with some of your possessions if you file under Chapter 7.
In essence, Chapter 7 bankruptcy involves getting rid of all of your debt in exchange for selling or liquidating part or all of your assets to cover the debt. However, it could be challenging to sell your house in a Chapter 7 bankruptcy. You need to first get a judge’s authorization before you can put your home up for sale.
Chapter 13 bankruptcy, on the other hand, functions much like a repayment schedule. When filing for Chapter 13 bankruptcy, you must submit a detailed plan to the bankruptcy court outlining how you will pay back your creditors. You can afford to pay some debts in full, while others you can only partially pay or not at all. This plan enables you to keep your home or sell it if selling would be more beneficial than giving the house back to the mortgage lender.However, if you decide to file a Chapter 13 bankruptcy, you still need the trustee’s approval before you can sell or refinance your house.
After reading this article, you now have a better understanding of bankruptcy law in Youngstown. Use this information to start planning how to pay off some of your debt.. If you decide to sell your home while you’re in bankruptcy, consider selling to a professional home buyer for a quick, worry-free transaction.
Sell Your Home to a Professional Home Buyer!
If you’re thinking of selling your home to pay off all of your debt, why not choose to sell to a third party–specifically a professional home buyer? The process is quick, painless, and you get paid in cash. Look no further than Access Homebuyers. We are reputable cash home buyers in Youngstown interested in buying homes regardless of the condition or situation they are in.
Worry less about renovations and the condition of your home and focus more on getting out of bankruptcy fast in Youngstown by selling your home to a trusted cash home buyer like Access Homebuyers.
READY TO SELL YOUR HOME?
Here at Access Homebuyers, we buy houses in Youngstown, OH. We can provide you with a competitive cash offer for your home while still ensuring a quick close so you can sell your property for cash as soon as possible. If you don’t want to worry about the inconvenience of listing your home and working with a real estate agent, going through the motions of a regular sale, just sell your home to us! We’ll take care of the rest.
Our home buying process does not involve getting pre-qualified by a mortgage bank in order to obtain a home loan or listing the property on the MLS or any other listing platform. The reason our team at Access Homebuyers is able to purchase properties very quickly is because we use our own money, meaning we can close faster than traditional buyers. Give us a call at (330) 708-7077 and learn more about the home buying process today!