It would seem the time to act is before they foreclose.
And BK may delay, but won't prevent the foreclosure...you would still have to pay the debt.
What happens? the bank forecloses of course. The fact that the house is in a trust doesnt change anything.
If a bank forecloses on your property three years after filing for bankruptcy, you should first review the terms of your bankruptcy discharge and any reaffirmation agreements related to the mortgage. You may consider negotiating with the bank for a loan modification or a repayment plan to keep your home. Consulting with a bankruptcy attorney can also help you understand your rights and options, including potential defenses against the foreclosure. Additionally, exploring local housing assistance programs may provide support during this challenging time.
When the bank takes possession of the house after the foreclosure process is complete, then you can cancel the hazard insurance for your home. It is wise to keep it going should anything unforeseen happen to the house, since you could end up owing more.
Well, if the bank forecloses on the home, the bank is now the legal owner of the home, so the renter should probably contact the bank.
Bankruptcy has nothing to do with the tenant. If a bank forecloses on the mortgage, US federal law requires the bank to give the tenants a 90 day notice to quit, if they want the building emptied. But, it could be that the landlord will survive the bankruptcy, and there will be no foreclosure.
its like when you cant pay your rent in an apartment. the people that own it kick you out. or, in this case, the bank does it means that someone cannot afford to pay for their house. therefore the bank forecloses it or in other words takes it away and sells it for the remaining balance of the loan.
The bank should not have your car title if it is paid off. If you declared bankruptcy and it was discharged, your bank credit card account should be dismissed.
yes
Bankruptcy will prevent a foreclosure but you still have to reaffirm the loan and begin paying or the bank will repossess your house regardless of bankruptcy. Bankruptcy temporarily halts the process for up to a couple months.
Yes you can change a joint bank account before a Chapter 7 bankruptcy. You should have your finances in order before you file a bankruptcy.
The party that filed bankruptcy will be protected as far as the collections process is concerned. The bank will in response expect the party who has not filed bankruptcy to make all the remaining payments. If this happens, you may want to consult with a lawyer ASAP so that you are making payments on a house that will be co-owned by an X.
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.