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If your home is scheduled to be foreclosed and sold at auction in six days will it stop the foreclosue sale if you file bankruptcy now?
Wiki User
∙ 16y ago
Yes, generally if you file a Chapter 13 bankruptcy before the foreclosure sale, you can stop the foreclosure sale and get the mortgage put in current status again. I have filed cases within minutes of foreclosure sales and stopped them (though I don't recommend waiting that late in case something goes wrong, because then you might lose your home). Very generally speaking, after filing the Chapter 13 all foreclosure sales are immediately stopped by order of the Bankruptcy Court, called the "automatic stay" (which generally you want to be sure the court granting the foreclosure knows about so they don't sell it) and then the person who filed the Chapter 13 immediately begins making regular monthly mortgage payments again and also pays a Chapter 13 Plan to the court, and in the plan all mortgage arrearage must be cured over 3 to 5 years. However, if you have filed other Chapter 13's in the recent past, your ability to get the automatic stay may be in jeopardy, so ask your attorney about this if you have filed bankruptcy before. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
Wiki User
∙ 16y ago
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How can anyone get into buying foreclosed homes?
When foreclosed homes are put up for auction that are usually held publicly by the banks. If you are able to meet all the requirements than you can purchase a foreclosed home.
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.
What should I do to submit an offer for foreclosed homes?
To submit an offer for foreclosed homes one can contact the home owner directly to submit an offer before they are forced out of their home. Alternatively one can wait and submit an offer through an auction on the property.
Can you take your refrigerator from your home that was sold at foreclosure auction?
Yes you, can. When a house gets foreclosed, it is based on the house itself, not its personal furniture and items.
Can 2nd mortgage collect after auction?
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
How can you buy a house after it has been foreclosed and not sold at auction?
You can contact the lender or lien holder who foreclosed on the property and make your offer to them.
How can anyone get into buying foreclosed homes?
When foreclosed homes are put up for auction that are usually held publicly by the banks. If you are able to meet all the requirements than you can purchase a foreclosed home.
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.
Can you purchase a home scheduled for auction before the auction?
You are not able to purchase a home prior to auction unless the auctioneer and/or auction company has provisions with the seller to permit such a sale.
Who do you contact to get the excess money after foreclosure auction?
You should contact the mortgage holder. They would be the ones that foreclosed and will have the remainder.
What kind of cleaning needs to be done to a foreclosed home before auction?
Essentially no cleaning is required unless there is some sort of agreement between the lender and the homeowner which the homeowner has agreed to. Beyond that the only requiement is to clear out belongings before the home is auction. The type of cleaning needed to auction foreclosed homes depends on the amount one expects to get at auction. A home can be auctioned “as-is”, but will not get a good price. Unfortunately, in this market simply cleaning a home will not guarantee a better price at auction.
How long after the public auction of your foreclosed home do you have before you will be evicted?
Would depend on the formalities of the jurisdiction, including get the sherrif to evict.
What is a referee deed?
A Referee Deed is used in foreclosures. The Referee's Deed is what is given to the highest bidder at an auction of a foreclosed property.
How can I find listings for local foreclosure auctions in Rochester, NY?
There are many sites on the internet that provide listings of foreclosed homes, which include auction listings. One site that includes auction listings is www.foreclosurelistings.com.
What should I do to submit an offer for foreclosed homes?
To submit an offer for foreclosed homes one can contact the home owner directly to submit an offer before they are forced out of their home. Alternatively one can wait and submit an offer through an auction on the property.
Can you take your refrigerator from your home that was sold at foreclosure auction?
Yes you, can. When a house gets foreclosed, it is based on the house itself, not its personal furniture and items.
Can 2nd mortgage collect after auction?
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
