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Can you file bankruptcy on your house if already in foreclosure?
Wiki User
∙ 16y ago
Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.
Wiki User
∙ 16y ago
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Do you have to declare bankruptcy if you default on your mortgage?
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
Can you save your house from foreclosure?
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.
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
Who will sell you a house with a foreclouser on your credit report?
I don't think anyone will be ready for that.So its better that you can take a way or option where you house will be save from foreclosure.Filing bankruptcy is the very right option for this.Once you file chapter 7 bankruptcy or chapter 13 bankruptcy bankruptcy law has a provision called stop foreclosure and it goes in to the effect immediately after you file the bankruptcy.This way you can save you house and other important stuff.
If you are not able to make your house payment do you have to file bankruptcy or will the bank foreclose on the house and not garnish your income?
Bankruptcy only temporarily prevents foreclosure action. A house is considered secure property so it is up to the lender as to what action will be taken, foreclosure or reaffirmation of the loan. The bank would pursue foreclosure and not wage garnishment. If you're in a house you can't afford any longer, sell it. Too many homeowners wait too long. Don't wait for the bank to foreclose.
When we file the Motion to reinstate does this stop foreclosure process?
Once this motion is recorded it should stop the foreclosure process. Actually, once the bankruptcy is filed, the foreclosure process should already be stopped.
Do you have to declare bankruptcy if you default on your mortgage?
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
Do you need to file banckruptcy before foreclosure?
No, but if you file bankruptcy you are willing to give up important things. Such as cars , money , boats, or anything value. That would help not having a foreclosure but it would take 2 years to get out the house if you recieve a foreclosure.
Can you file a bankruptcy to keep from paying definciency on a foreclosure?
Yes.
Mechanics lien on your house that is included in a Chapter 13 Can the lien holder start foreclosure on your house?
Yes they can, you will need to file a demurrer to inform the court that the house is involved in a bankruptcy - that may not avoid foreclosure however, it may only delay it.
Can you save your house from foreclosure?
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.
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
Who will sell you a house with a foreclouser on your credit report?
I don't think anyone will be ready for that.So its better that you can take a way or option where you house will be save from foreclosure.Filing bankruptcy is the very right option for this.Once you file chapter 7 bankruptcy or chapter 13 bankruptcy bankruptcy law has a provision called stop foreclosure and it goes in to the effect immediately after you file the bankruptcy.This way you can save you house and other important stuff.
Can i still file bankruptcy if my home is schduled for sheriff's sale?
It depends somewhat on your state law regarding foreclosure sale, but as a rule, you can save your house from being auctioned by filing bankruptcy. Whether you can keep the house depends on a lot of other considerations. Consult a local bankruptcy lawyer.
If you are not able to make your house payment do you have to file bankruptcy or will the bank foreclose on the house and not garnish your income?
Bankruptcy only temporarily prevents foreclosure action. A house is considered secure property so it is up to the lender as to what action will be taken, foreclosure or reaffirmation of the loan. The bank would pursue foreclosure and not wage garnishment. If you're in a house you can't afford any longer, sell it. Too many homeowners wait too long. Don't wait for the bank to foreclose.
How long will it take to buy a home after foreclosure and chapter 13?
Unfortunately there is no specific answer. There are many things that are factored in. It will depend on if foreclosure was the only negative thing on their credit, did they file file bankruptcy, what is your current situation, etc. It all varies from situation to situation. Your best bet is to ask an experienced bankruptcy attorney who understands foreclosure and your rights.
Can you file bankruptcy on day set for foreclosure?
As long as the date and time stamp on your bankruptcy petition is prior to the time of the auction on the date for the auction, yes you can.
