0
If you have been served a foreclosure notice and it has been published for a Sheriff sale can you stop this from happening by filing bankruptcy?
Wiki User
∙ 8y ago
Look here might help.
Yes. A chapter 7 will normally only delay a sheriff sale (which may be sufficient time for the debtor to refinance the real estate and buy it out of foreclosure), but a Chapter 13 can stop the sheriff sale permanently without a refinance so long as the debtor structures his or her Chapter 13 Plan to cure the delinquency on the mortgage. However, in most states the Chapter 13 has to be filed BEFORE the sheriff sale or the house is lost in most cases. A typical Chapter 13 Plan which successfully stops a sheriff sale is one which is set up to pay the mortgage lender the entire amount of arrearage (including foreclosure attorneys fees and costs) over 3 to 5 years and requires the debtor to immediately begin regular monthly mortgage payments again. The mortgage lender is then required to treat the debtor as current again, and the debtor will then pay their regular monthly mortgage payments plus a Chapter 13 Plan payment which pays back to the mortgage lender whatever the debtor is behind on the mortgage. Once the Plan is paid off in 3 to 5 years, the debtor then only has his or her regular monthly mortgage payments left to pay off. The Chapter 13 Plan can (and does) include the debtor's other debts as well, but the payment of those other debts can cost substantially less through a Chapter 13 Plan than the sum of the other debts outside of bankruptcy (see your attorney). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
The sheriff has scheduled my home for a sale. Will filing bankruptcy chapter 7 stop this process?
generally filing for bankruptcy puts a stay on the collection of debts, including a foreclosure. get in touch with a bankruptcy atty asap, because there are things you are required to do before filing.
What is the time frame between foreclosure and sheriff sale?
The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.
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 a sheriff sale a part of a legal foreclosure action?
Yes, it is basically the final step in a foreclosure breore the new paperwork is signed.
Who conducts the foreclosure sale?
State laws vary but the foreclosure sale is usually conducted by a licensed auctioneer chosen by the lender.
What does it mean when in a foreclosure an order recalling sheriff sale is issued?
When an order recalling sheriff sale is issued in a foreclosure, it means that the sale of the property by the sheriff has been halted or canceled. This could occur for various reasons, such as a legal error, settlement negotiations, or a successful challenge to the foreclosure. The order recalls the sale and typically returns ownership of the property back to the borrower.
What does it mean when you receive a notice stating that your foreclosure is in the hands of the sheriff's office?
That mean pack your stuff or hurry up and file bankruptcy which wil start the whole process over again, and give you Tim e to pay or restructure your loan
What is the difference between a sheriff sale and a foreclosure?
Generally the term foreclosure is used at the start of the process. The foreclosure occurs when a person who does not make payments is kicked out of the house. Then the property is fore closed. In some places the bank can sell foreclosed properties. In other places, it goes on the block for a sheriff's 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.
If you are in Foreclosure with a Sheriff sale pending can the lender transfer your loan to a different lender?
In Texas they can.
If you are applying for a job as a sheriff officer will a bankruptcy be held against you?
Only the employing agency can answer this question for you, but probably not, especially if you discharged the bankruptcy according to the bankruptcy referee's instructions.
What is disposition value?
This is the value if the property were sold now under as is conditions - like in a sheriff's sale or foreclosure.
