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.
The bankruptcy law does not set a time limit for banks to foreclose on your home after filing bankruptcy. In fact, banks are prevented from foreclosing or continuing a foreclosure already in process upon the filing of a bankruptcy without first obtaining an order from the bankruptcy court allowing it to foreclose or continue a foreclosure already commenced.
If 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.
The short answer is yes they can because once the bankruptcy is discharged you no longer are protected for debtors who wish to collect on a debt.
If the home was part of the bankruptcy - possibly. It all depends on what the wording of the mortgage agreement may be.
bankruptcy is better. If you have to decide foreclose or banko, put your house in bankruptcy. When you have a foreclosure, they can sue you for the balance
Yes, your obligation under the promissory note will be discharged, however, the security interest will remain. This means the lender can still foreclose on the property if payments are not made. If you plan to surrender the property to the lender, then this isn't an issue.
It will, at most, briefly delay the process.
Yes, they can petition the court for the ability to foreclose while you are still in bankruptcy. This is called "relief from stay". If you do miss a payment, I would encourage you to call your lender and work it out. They cannot call you while you are in bankruptcy. They do not want to foreclose in this environment and are very willing o work things out.
Yes. The second lienholder can foreclose. The new buyer is still responsible for any senior liens.
Yes, if you are not making payments on your home, the bank can foreclose. Even if you are paying something, if you are not paying the amount agreed to in the loan modification or original contract, the bank can foreclose. If bankruptcy is active, they may need permission from the court but if payments are not being made in a timely fashion the court generally grants permission to foreclose. The moral of the story - make your payments or the bank can foreclose!
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.
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
Yes. Or the lender could choose to file for the automatic stay to be lifted and if granted proceed with foreclosure action before the BK is discharged. _________________________________________ If a person is current on the payments, and stays current, there is NO violation of the mortgage contract, and the lender would not foreclose. Miss a payment or two, and it will be treated as any other delinquent account. But until then, the status quo is maintained, the Chapter 7 not relevant.
If you're officially in bankruptcy, that puts a temporary hold on foreclosure proceedings. It doesn't matter what the bank wants, by law they have to wait with all your other creditors while the bankruptcy court sorts out who's going to get paid and how much.
If you voluntarilarly surrender your interest, you give up your ownership and right to possession. Your out and you don't own anything to foreclose.
If two people granted the mortgage and one dies the other is responsible for paying the debt. If the debt is not paid the bank can foreclose and take possession of the property.
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
It doesn't. The homestead exemption protects property from being seized in a bankruptcy procedure or by creditor judgment. The lender does not relinquish the right to foreclose on property regardless of the status of the bankruptcy filing. Bankruptcy only temporarily halts the foreclosure of secured property.
A creditor cant take you to court over a secured debt. However, if they have a security interest in any of your property, they can still foreclose on that property.
The lender is requesting to be removed from the bankruptcy procedure. If the request is granted the lender can foreclose on the property or take whatever action is allowed under the laws of the state where the property is located.
During bankruptcy proceedings, under normal conditions ALL collection activity stops. The mortgage company may not foreclose, take action against you, nor call you to collect. Of course, there may be exceptions to this.
You can either try to modify your 13 plan payments, convert to a chapter 7, or dismiss your BK.
You will no longer be responsible. The bank will have to worry about that after they foreclose your home.