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If your mortgage company has received permission from the courts to foreclose and sell your home and the auction date is in six days can you file bankruptcy to stop the foreclosure?
Wiki User
∙ 17y ago
Yes, generally if you file a Chapter 13 bankruptcy before the foreclosure sale, you can stop the foreclosure sale and get the mortgage put in current status again. I have filed cases within minutes of foreclosure sales and stopped them (though I don't recommend waiting that late in case something goes wrong, because then you might lose your home). Very generally speaking, after filing the Chapter 13 all foreclosure sales are immediately stopped by order of the Bankruptcy Court, called the "automatic stay" (which generally you want to be sure the court granting the foreclosure knows about so they don't sell it) and then the person who filed the Chapter 13 immediately begins making regular monthly mortgage payments again and also pays a Chapter 13 Plan to the court, and in the plan all mortgage arrearage must be cured over 3 to 5 years. However, if you have filed other Chapter 13's in the recent past, your ability to get the automatic stay may be in jeopardy, so ask your attorney about this if you have filed bankruptcy before. 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!
Wiki User
∙ 17y ago
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Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
What happens after a foreclosure?
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
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
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.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
What happens after a foreclosure?
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
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
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.
How can you be responsible for code violations on business property discharged in bankruptcy in 1997 if the mortgage holder will not foreclose?
You are responsible as long as you are the legal owner of the property, Bankruptcy usually discharges certain debts including property related debts. If the mortgage company chose not to exercise their foreclose options then you may still be the legal owner of the property. Depending on the property valuation the mortgage note holder may have determined it more profitable not to proceed with a foreclosure process. Additionally; If fines were already issued prior to a foreclosure, you would still be liable for payment of those fines as well.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
Can you go into foreclosure if you default on your second mortgage?
Yes. Your second mortgage is secured by your home, so if you default on payments, the lender has the right to foreclose.
How do you foreclose on an owner financed property?
You need to research your state and federal laws that govern foreclosure and make certain the mortgage document is valid for pursuing a foreclosure.
If a mortgage payment is forty five days late will they foreclose?
State laws vary on the foreclosure process. Depending on the state the home is in determines if the 45 day mark for unpaid mortgage payments starts the foreclosure process. The mortgage company also determines the foreclosure process. Most mortgage companies offer solutions for repayment options.
Do you have to file bankruptcy if your home goes into foreclosure?
No. You virtually never "have to" file bankruptcy.Doing so will involve all of your other assets, including those ht aren't secured by property...and the secured property is still reserved to benefit those who have it is security in bankruptcy.
Can a first mortgage lender omitted from foreclosure and let the second foreclosure?
Yes, but whomever buys at the second foreclosure will own the property subject to the first lienholder's debt. The first lienholder can still foreclose and wipe out the second.
Can the Mortgage be in your name and deed be in both your names not married?
All the owners of the property will be required to sign the mortgage so that in the case of a foreclosure the lender can take possession of the property. If only one owner signs the bank cannot foreclose on the other owner's interest.All the owners of the property will be required to sign the mortgage so that in the case of a foreclosure the lender can take possession of the property. If only one owner signs the bank cannot foreclose on the other owner's interest.All the owners of the property will be required to sign the mortgage so that in the case of a foreclosure the lender can take possession of the property. If only one owner signs the bank cannot foreclose on the other owner's interest.All the owners of the property will be required to sign the mortgage so that in the case of a foreclosure the lender can take possession of the property. If only one owner signs the bank cannot foreclose on the other owner's interest.
