I can't give legal advice on here, but generally the answer to that question is "No." Frequently the bank will bid on the home itself at the foreclosure sale to be sure no one steals it for $1, leaving it owed a huge balance that it knows the buyer will file bankruptcy on. So, it bids whatever it is owed and if someone bids more, great - the bank gets paid. If no one outbids the bank, then it gives the house to a realtor and does the best it can. But, the practical effect for the buyer is that the bank received everything it was owed during the sale, even though it was from itself, so there is no deficiency balance owed by the buyer. So, unless your bank opts not to bid at the foreclosure sale, or if you have a second mortgage, then usually it is a good idea to wait and see if the bank ever contacts you with a deficiency balance. If it doesn't, great - you just pay the $4,000 and go on with your life. If it does, file bankruptcy then if necessary. Many people call the sheriff's department (or whoeever does the sale where you are) and asks who bought the house and for how much. If the purchase price was the same as the foreclosure judgment, no worries usually. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.
Generally speaking, filing for bankruptcy protection temporarily halts ALL collection actions for all creditors, including foreclosures.
No. You do not "declare bankruptcy" ON anything. You declare bankruptcy when you cannot pay your bills as they come due. You must list all your assets and all your debts. What happens after that depends on which title you are filing under, chapter 7, 11, 12 or 13.
A home is not discharged in bankruptcy. The mortgage(s) and home equity loans, lines of credit, etc., are discharged, but you have to abandon the real estate in the bankruptcy. That means the mortgagee can go ahead with a foreclosure if there was none before the filing, once the Chapter 7 is closed. Chances are the mortgagee would ask for relief from stay to go ahead with the foreclosure. The trustee may get any excess from the sale, unless it was exempted.
Generally..if you're renting a home and do not owe any back rent than you can stay in the home..especially if you have a lease but if you are behind in rent than you can declare that debt in bankruptcy but it is up to the landlord whether or not he/she wants to let you stay.
If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.
I don't think you can, you should try to get a mod- just say "bankruptcy" and see how helpful they will get.
Generally speaking, filing for bankruptcy protection temporarily halts ALL collection actions for all creditors, including foreclosures.
The bankruptcy law does not set a time limit for banks to foreclose on your home after filing bankruptcy. In fact, banks are prevented from foreclosing or continuing a foreclosure already in process upon the filing of a bankruptcy without first obtaining an order from the bankruptcy court allowing it to foreclose or continue a foreclosure already commenced.
No. You do not "declare bankruptcy" ON anything. You declare bankruptcy when you cannot pay your bills as they come due. You must list all your assets and all your debts. What happens after that depends on which title you are filing under, chapter 7, 11, 12 or 13.
If our home is in foreclosure,and never reaffirmed the debt through chapter 7-how will it affect us getting a home?
A home is not discharged in bankruptcy. The mortgage(s) and home equity loans, lines of credit, etc., are discharged, but you have to abandon the real estate in the bankruptcy. That means the mortgagee can go ahead with a foreclosure if there was none before the filing, once the Chapter 7 is closed. Chances are the mortgagee would ask for relief from stay to go ahead with the foreclosure. The trustee may get any excess from the sale, unless it was exempted.
If you lost the title through foreclosure or abandonment in the bankruptcy, probably not, but it depends on a number of factors. Consult a lawyer in your area.
Generally..if you're renting a home and do not owe any back rent than you can stay in the home..especially if you have a lease but if you are behind in rent than you can declare that debt in bankruptcy but it is up to the landlord whether or not he/she wants to let you stay.
Bankruptcy plays vital role in your life if you are facing financial problems or having unsecured loans like medical bills, repayment loans,wage garnishment. Filing bankruptcy gives you strong legal protection from your creditors. If some one is facing home foreclosure then filing chapter 13 bankruptcy helps a lot. It stops home foreclosure & bring automatic stay.
Yes you can save your home from foreclosure. This is a primary reason people file for a Chapter 13 Bankruptcy, the automatic stay can stop a foreclosure as long as it's filed before the sale takes place.
Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts