If under chapter 13, would the discharge come after 5 years of payments? Secondly, after a forclosure of a home, will filling for chapter 13 get rid of the difference of amount that is owed?
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Read More Answered By: David Kelly-952-544-6356 |
Yes and yes. The payment period could be three years if your income is below median; but then you would probably qualify for a Chapter 7.
Usually in Minnesota you only have to worry about a second or third mortgage after foreclosure. Typically the first mortgage accepts the house in full satisfaction of the debt and bothers you no more; but you can expect the second mortgage to be after you.
This is for general information purposes only, is not legal advice, and does not create an attorney-client relationship. |
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