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Should you file Bankruptcy when the bank forecloses on your house?
Wiki User
∙ 16y ago
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.
Wiki User
∙ 16y ago
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What happens if your house is in trust and goes to foreclosure?
What happens? the bank forecloses of course. The fact that the house is in a trust doesnt change anything.
When the bank forecloses are you responsible for paying for home hazard insurance?
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.
If a person loses their home to the bank can the person renting that home still rent it?
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.
How can a landlord collect rent when a tenant files bankruptcy?
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.
What does foreclosure in a house mean?
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.
Should you take your money out the bank before filing bankruptcy?
yes
Can bank hold on to your car title as collateral on a bank credit card went the car loan was paid off prior to bankruptcy?
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.
How long will bankruptcy prevent a foreclosure?
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.
If a married couple no longer living together own a house and one files bankruptcy should the person filing bankruptcy surrender the house so other can keep house or will it cause other person to lose?
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.
Can you change a joint bank account with a parent before chapter 7 bankruptcy in ny state?
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.
When in bankruptcy and bank wants to foreclose on your house what can you do?
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 include your house in a bankruptcy chapter 7 how will this show on your credit report Will it show included in bankruptcy or as a separate foreclosure?
If your home loan is included in your bankruptcy, the code describing your repayment behavior on your credit report for this loan will change. If the bank forecloses on your home, the code describing your repayment behavior on your credit report for this loan will change. The loan will have one coded description of your repayment behavior. Credit Agencies only care about your repayment habits, not which mechanism cost you your home. There is no separate report. Your credit is going to be BAD for many years. Whether the house was part of the bankruptcy or whether it was taken in a foreclosure action will not matter (it's not like one is better than the other).
