Best Answer

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.

User Avatar

Wiki User

โˆ™ 2008-03-08 04:57:50
This answer is:
User Avatar
Study guides
See all Study Guides
Create a Study Guide

Add your answer:

Earn +20 pts
Q: Can you file bankruptcy on your house if already in foreclosure?
Write your answer...
Related questions

Do you have to file bankruptcy after a foreclosure?

No, there's no law that states you have to file bankruptcy.

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 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.

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 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.

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.

Can you file a bankruptcy to keep from paying definciency on a foreclosure?


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.

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.

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.

Can you file bankruptcy on everything but your vehicles?

You can file bankruptcy yourself or with an attorney. People choose an attorney because they do not want to mess with all the motions or learning any law and this can cost anywhere from 300 to 500 dollars to start a bankruptcy action. You can keep one vehicle and your house in a bankruptcy. Technically, when you file bankruptcy you file it for everything in a Chapter 7 and that will wipe away all debts (if you pass the test that they give to even claim bankruptcy) or Chapter 13 which is a consolidation of your debts to pay it off after partial liquidation of assets but be protected under federal bankruptcy law. It is best for your loan companies for your house and vehicles know about your bankruptcy as this will stay any repossession or foreclosure on your household or vehicles. That means they can not repossess or foreclose on your property until the bankruptcy procedure begins and you remain current on your payments throughout your bankruptcy. This can help you catch up and keep your house and one vehicle. You can technically claim bankruptcy and not tell your lenders for your house or vehicles but they will not "stay" or stop repossession or foreclosure on your property until you notify them (calling one of their call centers) and giving them your bankruptcy info including your case number. Hope this has been helpful.

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.

Your house has been foreclosed on can it still be saved?

In most states you can overcome a foreclosure by exercising the 10 day upset period. The 10 day upset period allows you to file for bankruptcy within 10 days of the foreclosure sale to save your home.

How do you prevent a home for foreclosure?

Either attempt to renegotiate the terms of your mortgage with your lender or file for bankruptcy.

Can your file for bankruptcy and still buy a house?

i am not 100% about being able to buy a house, but you CAN keep your house if you already own 1,but you do have to pay any equity in the house to your liquidator.

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.

When is it smart to file bankruptcy?

When you are beginning to feel overwhelmed with debt, you are being threatned with being garnished, or you are being garnished. You have judgments, you are up for repo, your house is in foreclosure, you will know when it's time.

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.

If your house is in forecloure can your spouse buy another house while you file bankruptcy There was a quick claim done to get spouse name off of the title?

If two people owned property, executed a mortgage, and the mortgage is in default, the foreclosure will be filed in both names. It was both mortgagors who defaulted and both will be parties to the foreclosure. If one executes a quitclaim deed to the other that will not stop their being mentioned in the 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 put a lien on a house that is a foreclosure?

Yes, you can file a lien. It may not get covered in the foreclosure sale.

Can you still file if the bank has started the foreclosure process?

Homeowners who have recently been foreclosed on can still file bankruptcy even though the bank is pursuing foreclosure in the local courts. Just because the lender has initiated a lawsuit to take the house back does not mean that homeowners are unable to seek protection through the federal bankruptcy court system. Essentially, foreclosure proceedings are a collection attempt by mortgage companies to force homeowners to pay what they owe on the loan, or have their home auctioned off by the county government to satisfy the mortgage. There is nothing else secretive or fancy about the process, and it is little different from a credit card company or other creditor suing borrowers to force payment of a debt. Thus, homeowners are almost always able to file bankruptcy to stop foreclosure up until the time that they are no longer the owners of the home. This typically means that they can wait until just a few hours before the scheduled sheriff sale of the property to file the bankruptcy petition, and this will stop the foreclosure process from being able to continue. Once a borrower files a petition with the bankruptcy courts, the automatic stay goes into effect, which precludes lenders from being able to continue collection efforts. Because the entire foreclosure lawsuit is a collection effort, the mortgage company will have to put its process on hold until the debt is resolved through bankruptcy. Of course, most lenders do not particularly want to deal with the extra hassle this causes, but they have no other choice than to put the foreclosure on hold. So homeowners who are facing a foreclosure or have already been sued by the lender will be able to file bankruptcy and include the house in the petition anytime until the sheriff sale. After the auction, when ownership is transferred into the name of the new owner, then it will be too late to rely on this option to stop foreclosure, because the borrowers no longer have an ownership interest in the property.

Can you file Chapter 7 bankruptcy and still keep your house?

yes, just keep your house exempt from the bankruptcy