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Do you have to file bankruptcy if your home goes into foreclosure?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 16y ago
Wiki User
∙ 16y agoIf the mortgage is not paid.....then the home will foreclose and the owner will need to vacate. This is not a bankruptcy. So, the answer is no. You do not have to file bankruptcy in order to foreclose.
Wiki User
∙ 15y agoAbsolutely not...in any way shap or form. The differences are so major, that if you can ask the Q, and especially if either is a possibiolity, you better get personal professional counsel right away....no delay, NOW.
Wiki User
∙ 12y agoNo. 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.
Wiki User
∙ 15y agoNo, but if either, and especially if both, are possibilities and you need to ask what their differences are, get specific professional help to explain the many differences and other options.
Wiki User
∙ 14y agoNo, there's no law that states you have to file bankruptcy.
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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.
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
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.
Which bankruptcy is for a home?
You can file either Chapter 7 or Chapter 13 as a homeowner. If you are trying to save the home from foreclosure, then Chapter 13 would be the proper chapter.
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.
What bankruptcy can you file to keep your home if you are behind in payments?
If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.
What happens if your home does not sale at the foreclosure auction?
at the auction sale of my home the sale was stopped. i did not file bankruptcy. i have two mortgages own by investors need to make a decision to or to move?
If you filed Chapter 7 bankruptcy 5 years ago can you file again on your home and when?
There is a six year limitation for BK filing. Bankruptcy will delay but not stop foreclosure on secured property, unless the debt is reaffirmed with the lender.
Did DR Horton home builder file for bankruptcy?
yes
Can filing for bankruptcy stop foreclosure?
Generally speaking, filing for bankruptcy protection temporarily halts ALL collection actions for all creditors, including foreclosures.
Is your home seized when you file bankruptcy?
No
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.
