During the bankruptcy you will have to ‘re-affirm’ any debt to an asset you want to keep. What that means is, if you want to keep the house you have to re-promise to pay it off under the terms of the original note – the ARM that will reset.
If you do not agree, the bank will cancel your mortgage and take the house.
After bankruptcy, you will have no chance of refinancing for years.
good luck!
ps – unless you really have to, declaring bankruptcy won’t help your mortgage situation at all.
BK doesn’t change your mortgage at all.
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Depends on the wording of the bankruptcy decree. It could be adjusted, it could stay the same, it could be fore closed on. Check your paper work and see what it says.
If this is your primary residence, most likely it wasn’t affected at all by the bankruptcy and you will have to pay the readjustment.
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It changes as scheduled. Your bankruptcy doesn’t affect it.
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a Bankruptcy has no effect on it. It will adjust according to your paperwork. However it will kill your ability to refinance into a different mortgage.
References :
During the bankruptcy you will have to ‘re-affirm’ any debt to an asset you want to keep. What that means is, if you want to keep the house you have to re-promise to pay it off under the terms of the original note – the ARM that will reset.
If you do not agree, the bank will cancel your mortgage and take the house.
After bankruptcy, you will have no chance of refinancing for years.
good luck!
ps – unless you really have to, declaring bankruptcy won’t help your mortgage situation at all.
References :