Asked in Bankruptcy Law
Can you file a bankruptcy to keep from paying definciency on a foreclosure?
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...
Can you file bankruptcy on your house if already in foreclosure?
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. ...
Asked in Debt and Bankruptcy, Bankruptcy Law
Is filing bankruptcy on your home considered a foreclosure?
No. Foreclosure is a specific action that would be filed in a county court. Filing a Chapter 7 bankruptcy would give the mortgage lender the right to file the foreclosure after the bankruptcy case is closed, unless you reaffirm the mortgage debt with the lender. ...
How do you stop foreclosure in NJ?
Consult a NJ lawyer for specific answers. Obviously, paying the arrears due is the best way. You can apply for a loan modification, but some mortgage companies play with the process so the foreclosure continues. A local bankruptcy lawyer can tell you whether your mortgagee is one of them. The only guaranteed way to prevent foreclosure is to file for bankruptcy protection in a chapter13. ...
Asked in Debt and Bankruptcy, Bankruptcy Law
Can you file bankruptcy and own a home?
You can but three things can happen depending on which type of bankruptcy you file. 1. You can either include the home in the bankruptcy and move out. 2. You can declare the house and exclude it from the bankruptcy and continue paying the mortgage. 3. You can include it in your bankruptcy and work out a payment plan with the court to continue paying the mortgage. The short answer is 'yes' you can file a bankruptcy and own a home. ...
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. ...
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. ...
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. ...
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. ...
When do you file bankruptcy letter of intent?
You should file a bankruptcy letter of intent as soon as possible so that your creditors will be on notice. This will stop the harassing calls and foreclosure proceedings if you are behind in your mortgage payments. ...
Asked in Foreclosure
How do you stop trustee foreclosure sale in a few days in AZ?
The fastest way to stop a foreclosure on short notice is to either cure the debt or file for bankruptcy protection. ...
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. ...
Asked in Debt and Bankruptcy, Loans, Mortgages, Credit Reports, Debt Collection, Foreclosure, Money Management, Credit
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 ...
Asked in Debt Collection, Foreclosure
How do you stop or postpone foreclosure?
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. ...
When do you stop paying your creditors once you have retained a bankruptcy attorney?
The debtor should cease payment of creditors when they decide they are going to file for bankruptcy. ...
How do you get an automatic stay issued by a us bankruptcy court to stop an illegal foreclosure?
When you file for bankruptcy, the stay is automatically issued. That's why it's called and automatic stay. You needn't do anything. ...