Asked and answered here at least 100 times:
Depending on the type of BK filed, for a short time. You will either pay or lose the property, and likely more. UNDERSTAND BK EFFECTS EVERYTHING YOU OWE AND EVERYTHING YOU OWN...NOT JUST THE HOUSE.
If anyone tells you to stop making payments on your home to qualify for a loan modification, or to stop foreclosure, they are wrong. Honesty must be your number one priority. If someone tells you not to send your mortgage payment to qualify for a loan modification, don't do it.
Lenders will generally work with you. While they may be stakeholders in your investment to some degree, they are NOT investors in your property, they just loaned you money and that's all they can get back (if the proertty went up in value they would get nothing more). You borrowee the money and owe it back...in BK if the property has to be used to get the funds and enough aren't generated, then it is common the court will discharge the rest. That is NOT true (you would owe the amount the property did not cover), without BK.
Please before declaring yourself in bankruptcy talk to your lender and an attorney.
Answer:
This can be a very expensive and drawn out process through which there is no certainty of outcome. In the end, a court decides the outcome of all your assets and will leave you with a severely damaged credit record and the strong possibility of no home. If you are considering bankruptcy, you should contact an attorney to discuss this option.
No. The only thing that it will wipe out as far as debt is credit cards and bills, not mortgages or school loans. Any government loan is not taken care of by filing bankruptcy.
You technically should not be able to do both at the same time. The bankruptcy should stop the Foreclosure proceedings in its track.
Yes, temporarily. Filing for bankruptcy protects your from collection actions taken by your creditors, including foreclosure during the proceedings.
Once this motion is recorded it should stop the foreclosure process. Actually, once the bankruptcy is filed, the foreclosure process should already be stopped.
The fastest way to stop a foreclosure on short notice is to either cure the debt or file for bankruptcy protection.
You need to contact your attorney about having them stop. There is no law unless you have declared bankruptcy that they have to stop.
Filing for Chapter 7 bankruptcy forces all of your creditors to stop harassing you, as all proceedings are temporary put to a halt while the bankruptcy is processed. However, you typically have to take the initiative and show proof of your bankruptcy to the bank for them to stop harassing you.
Yes, by paying the back payments. Also, filing bankruptcy prior to the foreclosure will normally put a hold on the foreclosure proceedings.
Generally speaking, filing for bankruptcy protection temporarily halts ALL collection actions for all creditors, including foreclosures.
There are several ways to stop foreclosure. Following are the most common ways: 1- Apply for a home loan modification 2- Sell your home using the short sale process 3- File Bankruptcy 4- File an emergency bankruptcy 5- Hire a company to legally stop and postopne the foreclosure sale by challenging the trustee about the legitimacy of the foreclosure process. Ulitmately, always seek the advice of an attorney, credit, and tax professional before you decide what avenue to take to avoid foreclosure.
If the judgment has not yet been granted by a court, it will stop the foreclosure. The mortgagee will have to file a motion for relief from stay to continue. If the judgment has been granted, it may stop the auction of the property. If the property has been sold, it will not have any effect. The answer can depend on your jurisdiction's laws regarding foreclosure, not on federal bankruptcy law, so consult a local bankruptcy attorney.
Your best option would be to higher a bankruptcy attorney. They can provide assistance in this area even without a decleration of bankruptcy. In fact, often a letter from your attorney threatening bankruptcy will be enough to bring your mortgage holder to the bargaining table, as bankruptcy would automatically stop the foreclosure proceeding and put it in the hands of a judge. If you wish to stop foreclosure on your house, then you have one of two options. Either 1) contact your mortgage company, and attempt to lower your monthly payments, or 2) speak with an attorney, and hope that you have a case.
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy