If I file chapter 7 bankruptcy, will i necessarily lose my home?

You really need to speak with a real estate attorney about these issues. This forum is for mortgage related questions.

It's best to contact an attorney.. Not a mortgage blog.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Contact a RE Attorney for the best legal advice. As far as a short sale goes, if you are not late on your mortgage in the last 12 months preceeding the short sale, you may be able to get mortgage financing directly after your short sale.

Generally, you can re-affirm your mortgage in the bankruptcy (bky) if you can afford the payment. Talk to several bky attorneys before you decide which route to go. Lenders are way more willing to modify once you have filed bky. If you do decide to file and are granted a Chapter 7 bky, you need to keep making your payments to your lender. About 2 months after you are discharged, get a copy of your credit report to make sure all the creditors are reporting correctly and establish a couple small accounts to re-establish credit. Keep my info and contact me after a year discharged. We can put you on the right track.

If you do a short-sale, you usually have to wait 3 years from that date to buy a new home. A bankruptcy with the home included in it is considered a foreclousre, which would mean you would have to wait 3 years for FHA financing. Fannie Mae reuires longer term.

Travis is right, we can't give legal advice - nor should you accept it from someone on the web. Look for a HUD housing counseling agency at www.fha.gov or though: http://www.nfcc.org/FirstStep/firststep_03.cfm You need to talk to a BK attorney, but my expectation is that if you want to keep the house you will have to keep paying the mortgage. Many lenders are looking at modification differently that a couple years ago so it could be worth going through the process again and I would think it would look better to the BK court. If nothing else, they won't foreclose normally while you have a modification request in process.

not sure of KY law...really need to seek a real estate or BK attorney

You need to speak with a BK attorney. I think you can file chapter 7 and still keep your home.

more questions and answers needed first... FIRST , did you apply directly to your bank? if that is the case, unless you know the right figures and what they are looking for ,it will probably get denied.. banks are not in the business to do loan mods they dont make any money.. so i have a referral for someone to help possibbly.. email me at your loanpartnerforlife@live.com linda