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You should, of course, consult with a local attorney. I can tell you from working in a trustees office that forecloses on property, you can file bankruptcy and the sale will be put on hold until resolution. Just because you file bankruptcy, however, doesn't mean your house is safe. The creditor can file a motion for relief telling how far behind you are and such. Most likely, there will be some kind of work out in the form of a consent order which outlines an agreement in which you are to become current and states what is to happen if you default on the agreement. Some have notice of default clauses that mean if you fall behind, the creditor has to file such with the court and give you a specified time to catch up. Some state that if you default on the agreement, there is automatic default and the creditor can proceed with foreclosure. In short, filing bankruptcy can delay the foreclosure, but ultimately, it's up to you to come current after filing or something will be done.

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19y ago

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Related Questions

Can you file bankruptcy after a home is foreclosed to avoid additional fees?

yes


How does surrendering your house in chapter 7 affect your credit report?

If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.


Can my house be repossessed if my husband is madebankrupt but is not on the deeds?

Your husband's name is not on the deed, but is he on the loan? If yes, then it cannot be foreclosed and repossessed if the property is listed on his bankruptcy filing, and, as long as his bankruptcy payments are current. If he defaults on bankruptcy payments, then you can lose the property. If he is not on the loan, then your house can be foreclosed and repossessed.


Should you file bankruptcy after your house got foreclosured?

Just to clarify, My house got foreclosed on about 2 years ago. The house was worth $50,000 and the bank sold it finally for $15,000. Now, since I live in Iowa, the loan was sold off to the Rural Develupment and now they are coming after me for $35,000. My main question is: If I file for bankruptcy now, will it take care of this $35,000?


When a home is foreclosed in Tennessee are wages garnished?

Yes, when a home is foreclosed on in Tennessee and there is a deficiency between the amount collected and amount owed, your wages can be garnished to pay the difference. You may be able to file an exemption or file for bankruptcy to avoid this.


What do you do when your home is being foreclosed upon?

Either attempt to renegotiate the terms of your mortgage with your lender or file for bankruptcy.


If you filed chapter 7 in 2005 and your house was foreclosed on in 2007 do you have to pay taxes on it?

If the foreclosure was not part of the bankruptcy, yes.


You filed for bankruptcy after your house foreclosed?

You already los your house, the BK doesn't effect the past. Now you'll lose most anything else.


Can you file bankruptcy on your house if already in foreclosure?

Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.


Can a mortgagor still file a deficiency judgment on you after you file bankruptcy?

a deficiency judgment should be discharged in a chapter 7 bankruptcy. You should file after you receive the judgment.Im pretty sure this debt would be classified as a unsecured debt.Also, I could be wrong but if you have already filed a bankruptcy then the lender foreclosed and there is a deficiency , the bankruptcy would prove you were insolvent.I think you only have 90 days after you first file.Again I could be wrong. a deficiency judgment should be discharged in a chapter 7 bankruptcy. You should file after you receive the judgment.Im pretty sure this debt would be classified as a unsecured debt.Also, I could be wrong but if you have already filed a bankruptcy then the lender foreclosed and there is a deficiency , the bankruptcy would prove you were insolvent.I think you only have 90 days after you first file.Again I could be wrong.


Your house has been foreclosed on can it still be saved?

In most states you can overcome a foreclosure by exercising the 10 day upset period. The 10 day upset period allows you to file for bankruptcy within 10 days of the foreclosure sale to save your home.


What if your home already foreclosed but the 2nd mortgage still wants us to pay-how do you deal with this?

File for bankruptcy or just let the second loan also go into forclosure.

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