Why would lender deny short sale and push for a foreclosure?

Recently on our legal forum a user asked, “I lost my job six months ago. My wife lost her job last month. We purchased a home two years ago and can no longer make mortgage payments. I thought a short sale might be a great way to get rid of the home. The bank refused to consider a short sale and is now going to foreclose on the home. How can this be better for the bank?”

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Buying a house after bankruptcy is it a good decision?

Recently on our legal forum a user asked, “My spouse and I filed for bankruptcy about eight years ago. We lost our house, a car, and several other assets prior to the bankruptcy filing. I feel like we’ve gotten our financial situation back in order. We’ve paid down all our debt, built an emergency savings account, and saved a little for retirement. We’d love to own our own home. What’s your thoughts? How do you know if it’s a good time to buy a house after bankruptcy?”

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Refinancing a mortgage is it a good idea?

Recently on our financial forum a user asked, “Interest rates are at an all-time low. My wife and I currently have a 30-year mortgage. I am wondering if it makes sense to refinance our loan. I guess we could either modify it to a 15-year mortgage or at least get a lower interest rate on our 30-year mortgage. What are the main reasons that people decide to refinance?”

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Can I buy a home after a home foreclosure?

Recently on our bankruptcy forum a user asked, “We were one of the millions of homeowners that lost our house during the 2008 housing market crash. I lost my job and my husband suffered a major heart attack and could not work for several months. We tried to sell our home but with so many homes on the market it was impossible. Finally, the bank forced us into foreclosure. It’s been eight years and we are doing well financially. We have thought about buying another home. I was wondering how difficult that will be after our home foreclosure?”

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Why would a bank deny a short sale?

Recently on our bankruptcy forum a user asked, “I have lost my job and my husband is disabled. No surprise, we cannot make our mortgage payments. We tried to work with bank to do a loan modification without success. Now we are considering a short sale, but I am concerned that the bank will give us the run around there as well. It seems like the bank would want us to sell the house to save them the hassle of a foreclosure. What are the reasons the bank might not approve a short sale?”

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Retirement savings should I liquidate to repay my debts?

Recently on our legal forum a user asked, “I have two 401(K) accounts. Both accounts have about $50,000 in them. I have about $50,000 in credit card debts. I have tried everything to lower my balances, but I am not making any progress. I am wondering if it makes sense to liquidate my retirement accounts and pay my credit cards off. I know there are some penalties in early withdrawals and some tax implications. What do you think?”

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Financial crisis 2 years after bankruptcy what are my options?

Recently on our bankruptcy forum a user asked, “I filed Chapter 7 bankruptcy 2 years ago. Unfortunately, within a year I was facing another financial crisis. Now I have an unsecured personal loan for $10,000, credit card bills exceeding $10,000, and a variety of store credit cards with balances from $50 to $500. I have worked consistently over the last 2 years, but I only make about $500 per week. Now I am behind on my loan payment and my credit cards and facing another financial crisis. What are my options? Can I file for bankruptcy again?”

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