Tuesday, June 25, 2024

Can You File Bankruptcy On A Second Mortgage

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Modifying Mortgages: Cram Down In Bankruptcy

Strip Away Your 2nd Mortgage Using Chapter 7 Bankruptcy

In some instances, you can modify a mortgage in Chapter 13 bankruptcy so that the new principal equals the actual value of your home. For example, if your mortgage is $500,000 but the property value has declined to $300,000, you could modify the mortgage amount to $300,000. This is called a cram down .

While this sounds wonderful, it’s not available for a mortgage secured by your residence . It’s only available for these types of mortgages:

  • Loans obtained to purchase a multiunit building.
  • Loans obtained to purchase other buildings or lots that are not part of your residence .
  • Loans obtained to purchase a mobile home you live in that is personal property.
  • Loans not secured solely by your residence .

And the final kicker: If you are able to cram down the mortgage to the actual value of the property, you have to pay off the entire new mortgage amount through your Chapter 13 repayment plan. This gives you three to five years to pay it off — which is untenable for most people.

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  • Saudi Arabia Is Now Accepting Military Applications From Women

    Saudi model Shahad Salman photographed by Dan Beleiu

    Following a ruling by the Ministry of Defense in Saudi Arabia, women can now join the armed forces. Starting Sunday, the Saudi Arabia Ministry of Defense will allow both genders to sign up through a unified admission portal. Ranks from soldier to sergeant will be available in the army in Saudi Arabia, including the Armed Forces Medical Services, Royal Saudi Navy, Royal Saudi Strategic Missile Force, and Royal Saudi Air Defense.

    The Saudi female applicants should be between the age of 21 to 40 and must have a height of 155 cm or taller, and also, they cannot be government employees. The women applying to the armed forces must hold an independent national identity card and have a high school level education. Most importantly, applications wont be considered if the applicant is married to a non-Saudi citizen.

    Another step to empowerment, #Saudi women to join the army for the first time

    Foreign Ministry

    However, the age requirements for male applicants applying for the first time is between 17 to 40, while the minimum height requirement is 160 cm. In addition to that, all applicants must pass the admission procedure, have a clean track record and be medically fit.

    Lien Stripping In Chapter 13 Bankruptcy Allows Certain Homeowners To Get Rid Of A Second Mortgage Or Home Equity Line Of Credit Learn How It Works

    By Baran Bulkat, Attorney

    If your house has gone down in value since you bought it, a Chapter 13 bankruptcy may help you to get rid of your second mortgage. This is done through a process called “lien stripping.” Read on to learn about how you can use lien stripping to remove your second mortgage lien from your house.

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    Is It Bad To File Bankruptcy Twice

    Not necessarily. Most people who file twice have worked out a strategy with their bankruptcy attorney to deal with their total financial situation, like in the case of Chapter 20 you just read about. Yes, there will be ramifications on your credit, however, there are also ramification to allowing unpaid debt to just remain out there. Solving your debt problem allows you to move on and get a fresh start.

    What Is Surplus Income

    Can I File Bankruptcy with a Reverse Mortgage in Philadelphia?

    In a bankruptcy or consumer proposal, surplus income is defined as the amount of money you earn in excess of the current government threshold in a one-month time period. If your income is $200 per month or more over this threshold, you will pay a portion of it into your bankruptcy.

    The principle at play here is that it is only fair to pay your creditors some of your income for a period of time, if you are able, since otherwise they will recoup very little of what you owed them.

    It is not wrong or a bad idea to make surplus income, as you will keep a portion of this money. Only 50% of your income above the threshold amount is paid into your bankruptcy.

    However, when you have surplus income, whether this is a first or second bankruptcy, you will remain in bankruptcy longer than if you did not have surplus income.

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    Do Bankruptcies Affect Second Mortgages

    Second mortgages and home equity lines of credit are also impacted by bankruptcies. If you have a second mortgage or HELOC, youre not responsible for it under a Chapter 7 bankruptcy, but youre required to keep paying on it if you want to keep the house without a problem.

    Things become a little more complex with a Chapter 13 bankruptcy. If you can prove that your existing equity isnt enough to cover what you owe on a second mortgage or HELOC, you can present that evidence in bankruptcy court. If a judge agrees, the junior lien taken out after your first mortgage may be stripped off.

    One thing to note is that a lender may fight this, so to give yourself the best chance of success, you may want to have an appraisal done before you file for bankruptcy.

    How Did The War Start

    The conflict has its roots in the failure of a political process supposed to bring stability to Yemen following an uprising in 2011 that forced its long-time authoritarian president, Ali Abdullah Saleh, to hand over power to his deputy, Abdrabbuh Mansour Hadi.

    As president, Mr Hadi struggled to deal with a variety of problems, including attacks by jihadists, a separatist movement in the south, the continuing loyalty of security personnel to Saleh, as well as corruption, unemployment and food insecurity.

    The Houthi movement – known formally as Ansar Allah – took advantage of the new president’s weakness.

    The Houthis, who champion Yemen’s Zaidi Shia Muslim minority and fought a series of rebellions against Saleh during the previous decade, seized control of their northern heartland of Saada province in early 2014 and then began advancing southwards.

    Disillusioned with the transition, many ordinary Yemenis – including Sunnis – supported them, and in late 2014 and early 2015 the rebels gradually took over the capital, Sanaa.

    The Houthis and security forces loyal to Saleh – who was thought to have backed his one-time enemies in a bid to regain power – then attempted to take control of the entire country, forcing Mr Hadi to flee abroad in March 2015.

    The coalition received logistical and intelligence support from the US, UK and France.

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    Saudi Arabia Russia Strengthen Military Partnership

    Reorganization of Defense Options

    Around 4 years ago, Saudi Arabian King Salman bin Abdul Aziz paid a historic state visit, the first by a ruling Saudi monarch, to Russia, which heralded a shift in global power structures according to The Guardian.

    King Salmans visit in 2017 witnessed the most significant Saudi interest in the Russian military industry, specifically in the S-400 Triumph missile system despite the Saudi interest in Lockheed Martins THAAD missile defense system. In 2018, Saudi ordered the American anti-ballistic system with a deadline delivery in 2023.

    A couple of years before that, in 2015, Saudi Crown Prince Mohammed bin Salman, then Deputy Crown Prince, visited Russia and met with President Vladimir Putin in a rare visit of a high ranking Saudi official. Numerous agreements were signed and the Joint Military Committee was activated. Very little is known about the committee and its activities. However, it is mentioned every time a new agreement is inked, or potential opportunities are discussed.

    Saudi Arabia has always imported its arms from the US and other Western countries with a few exceptions when the Kingdom has bought arms from China, Brazil, Russia and South Africa.

    The latest Saudi-Russian military agreement was signed last August between the Saudi Deputy Defense Minister, Prince Khalid bin Salman, and his Russian counterpart, Colonel General Alexander Fomin.




    Congress Has An Opportunity To Rebalance The Us

    Chapter 7 Bankruptcy – Discharging Your 2nd/3rd Mortgages

    Congress has an opportunity to reassert its authority in foreign policy decision making and rebalance the US-Saudi relationship. Saudi Arabia has been a US counterterrorism partner since after 9/11. Yet it must be clear to the Kingdom that America will not just provide a blank checkbut will hold them accountable for their actions.

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    What Can Be Done

    In Knights’ view, Saudi Arabia needs to downsize its military, focus on quality recruitment and training, and make units that are capable of fighting alongside and training local allies.

    Today, local militias and tribal groups form the majority of the ground force battling the Houthis, and few if any Saudi soldiers assist them save for a few special forces units.

    “As a result,” Knights says, “there is no credible military pressure on the Houthis.”

    The proxy battle in Yemen is just one example of Iran’s growing influence across the Middle East. Hezbollah, for instance, is better armed and organized than Lebanons official military. Hamas, engaged in ongoing conflict with Israel, is also publicly backed by Iran, and numerous militias in Iraq’s Popular Mobilization Units receive training, funding, and equipment from their neighboring country.

    Saudi Arabia’s arsenal, though impressive, also needs to be built up with its desired applications in mind. For now, those seem to be proxy wars against an enemy that is rarely in uniform, as opposed to one fought against a conventional army from the Cold War era.

    Saudi Arabian Military Industries

    • | Shipyards Build, Maintenance and Repair
    • | Vehicles

    Saudi Arabian Military Industries , a wholly-owned subsidiary of the Public Investment Fund, was established in May 2017 with the objective of contributing to Saudi Vision 2030 by localizing military industries and transferring technology and knowledge to Saudi Arabia.

    SAMI aims to be among the worlds top 25 military companies by 2030, enhance the Kingdoms defense self-sufficiency, and localize 50% of its military spending, leveraging cutting-edge technologies and the best national talents. To pursue these goals, SAMI invests in manufacturing world-class innovative military products and providing high-quality services across its main business divisions, namely Aeronautics, Land Systems, Weapons and Missiles, Defense Electronics, and Emerging Technologies.

    SAMI has made remarkable achievements during its journey, notably the acquisition of Advanced Electronics Company and Aircraft Accessories & Components Co. Ltd. In addition to the establishment of joint ventures with major international companies, including Navantia, CMI Defence, L3Harris, Thales, and Lockheed Martin.


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    Can You Lose Your Home To A Second Mortgage Foreclosure

    You can lose your home to a second mortgage foreclosure. If you dont keep up with payments and there is equity in your home, then the bank will sell your property. Dont think that your house is safe if you pay your primary and let your secondary home loan default. Your secondary lender will foreclose regardless of the status of your primary home loan.

    Its Time For The Us To End Its Involvement In The Deadly Yemen War

    Can You File Bankruptcy on a Judgment

    President Bidens to direct the FBI to declassify key documents relating to Saudi Arabias connection to the 9/11 attacks is the latest example of his administrations apparent desire to forge a different relationship with the Saudi regime from that of its predecessors.

    The president also took the opportunity of his first foreign policy speech to call for an end to US support for offensive operations by the Saudi-led coalition in its brutal war in Yemen, including relevant arms sales. He also released US intelligence assessments documenting the role of Saudi Crown Prince Mohammed Bin Salman in ordering the murder of dissident Saudi journalist Jamal Khashoggi. This is all to the good.

    Unfortunately, the administration hasnt done nearly enough to follow up on these actions. President Biden has rebuffed Congressional efforts to define in detail what he means by relevant arms sales to Saudi Arabia that can be used in offensive operations, and the US has continued to provide maintenance and spare parts that are essential to Riyadhs prosecution of the war, including an offer of $500 million in support of attack helicopters that have been used in the Yemen war, announced just last week.

    The Saudis are highly unlikely to end the blockade without outside pressure, and the US is particularly well situated to apply it.

    William D. Hartung is the director of the Arms and Security Program at the Center for International Policy.

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    You Can Choose To Sell The Home

    Assuming that there is enough equity in the house to pay off both of your loan balances, it may be a good idea to sell your home. This allows you to satisfy your debt without hurting your credit score or potential to obtain a mortgage in the future.

    Filing for bankruptcy may be an effective way to get out of debt in a timely manner. Although it may have negative consequences for your credit score, bankruptcy may allow you to satisfy existing balances without losing a home, car or other property.

    Sikorsky Black Hawk Helicopter

    The Kingdom is working with the U.S. Army to provide 57 UH-60M Black Hawks through the Foreign Military Sales channel. These aircraft are currently in production. The multi-mission UH-60M is the latest in the Black Hawk helicopter product family. It will bring new life to the existing fleet improving effectiveness, reducing vulnerability and lowering operating and support costs. The Royal Saudi Land Forces have been flying the Black Hawk since it was first delivered in 1990. Sikorsky, a Lockheed Martin company, is also advancing the agreement for the development of a local rotorcraft manufacturing capability as outlined in Vision 2030 enabling the production of up to 150 Black Hawk helicopters in the Kingdom.

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    Military Jobs Previously Open Only To Men Will Now Be Made Available To Women Said Saudis Defence Ministry

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    Saudi women wait for their drivers outside a shopping mall in countrys capital of Riyadh

    Women living in Saudi Arabia are now allowed to join the military in the wake of a ruling by the countrys Ministry of Defence.

    The armed forces is the most recent profession in the ultra-conservative nation to open its doors to women – with women now able to work in multiple roles previously limited to men only.

    However, women who are married to non-Saudi citizens will not be accepted into the military under new plans which were first unveiled in 2019.

    The decision to allow women to enter the armed forces was announced the same year the Saudi authorities declared it would let women leave the middle eastern nation without first asking a male relative for permission.

    Rothna Begum, senior womens rights researcher at Human Rights Watch, told The Independent: Saudi Arabia is trying to grab headlines for womens rights, but they are still detaining and silencing womens rights activists.

    She added: If the Saudi authorities want to show how serious they are on womens rights reforms, they should immediately and unconditionally release such women, and lift travel bans and suspended sentences on all womens rights activists.

    Secured And Unsecured Debt

    Erase your second mortgage and the only debts you should pay in bankruptcy

    Secured debt is attached to a piece of property that is considered collateral for the loan. The property will have a lien placed on it, which gives a lender the right to take the property if you fall behind on the payments. Unsecured debts are not tied to an asset lenders will not have a right to it if you default on your payments. The lenders’ options are to use debt collectors to try to get you to pay, or sue you in court.

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    Us Pulls Missile Defenses In Saudi Arabia Amid Yemen Attacks

    Prince Sultan Air Base, some 70 miles southeast of Riyadh, has hosted several thousand U.S. troops since a 2019 missile-and-drone attack on the heart of the kingdoms oil production.

    A member of the U.S. Air Force stands near a Patriot missile battery at the Prince Sultan Air Base in al-Kharj, Saudi Arabia. | Andrew Caballero-Reynolds/AP

    09/11/2021 08:30 AM EDT

    • Link Copied

    DUBAI, United Arab Emirates The U.S. has removed its most advanced missile defense system and Patriot batteries from Saudi Arabia in recent weeks, even as the kingdom faced continued air attacks from Yemens Houthi rebels, satellite photos analyzed by The Associated Press show.

    The redeployment of the defenses from Prince Sultan Air Base outside of Riyadh came as Americas Gulf Arab allies nervously watched the chaotic withdrawal of U.S. troops from Afghanistan, including their last-minute evacuations from Kabuls besieged international airport.

    While tens of thousands of American forces remain across the Arabian Peninsula as a counterweight to Iran, Gulf Arab nations worry about the U.S.s future plans as its military perceives a growing threat in Asia that requires those missile defenses. Tensions remain high as negotiations appear stalled in Vienna over Irans collapsed nuclear deal with world powers, raising the danger of future confrontations in the region.

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    Length Of Bankruptcy Rules Changed In 2009

    Changes to Canadas Bankruptcy and Insolvency Act , which came into force in September 2009, made second-time bankruptcy a lengthier process than first-time. Now, rather than an automatic discharge after nine months , a debtor filing a second-time bankruptcy may remain in bankruptcy for twenty-four months. This period lengthens to at least thirty-six months if he or she is required to make surplus income payments into the bankruptcy.

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