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How can you be responsible for code violations on business property discharged in bankruptcy in 1997 if the mortgage holder will not foreclose?
You are responsible as long as you are the legal owner of the property, Bankruptcy usually discharges certain debts including property related debts. If the mortgage company chose not to exercise their foreclose options then you may still be the legal owner of the property. Depending on the property valuation the mortgage note holder may have determined it more profitable not to proceed with a foreclosure process.
Additionally; If fines were already issued prior to a foreclosure, you would still be liable for payment of those fines as well.
What else can I help you with?
Is there a time limit for banks to foreclose on your home after filing bankruptcy been discharged?
The bankruptcy law does not set a time limit for banks to foreclose on your home after filing bankruptcy. In fact, banks are prevented from foreclosing or continuing a foreclosure already in process upon the filing of a bankruptcy without first obtaining an order from the bankruptcy court allowing it to foreclose or continue a foreclosure already commenced.
Can second mortgage lien holder foreclose on your home after bankruptcy is closed?
The short answer is yes they can because once the bankruptcy is discharged you no longer are protected for debtors who wish to collect on a debt.
If you have been been discharged of All Debt without payment can a bank foreclose on your home?
If the home was part of the bankruptcy - possibly. It all depends on what the wording of the mortgage agreement may be.
Can you declare bankruptcy on your mortgage in californiat?
Yes, your obligation under the promissory note will be discharged, however, the security interest will remain. This means the lender can still foreclose on the property if payments are not made. If you plan to surrender the property to the lender, then this isn't an issue.
Bankrupty or foreclosure which is best?
bankruptcy is better. If you have to decide foreclose or banko, put your house in bankruptcy. When you have a foreclosure, they can sue you for the balance
Can a second lienholder of real property foreclose?
Yes. The second lienholder can foreclose. The new buyer is still responsible for any senior liens.
If mortgage was listed by pro se Chapter 7 debtor as secured debt with intent to reaffirm but the bank never presented reaffirmation agreement can the bank foreclose once the bankruptcy is discharged?
Yes. Or the lender could choose to file for the automatic stay to be lifted and if granted proceed with foreclosure action before the BK is discharged. _________________________________________ If a person is current on the payments, and stays current, there is NO violation of the mortgage contract, and the lender would not foreclose. Miss a payment or two, and it will be treated as any other delinquent account. But until then, the status quo is maintained, the Chapter 7 not relevant.
When you do not include your house in a bankruptcy and then get a loan modification but still cannot pay the monthly payment can the bank take your house if you pay something on it every month?
Yes, if you are not making payments on your home, the bank can foreclose. Even if you are paying something, if you are not paying the amount agreed to in the loan modification or original contract, the bank can foreclose. If bankruptcy is active, they may need permission from the court but if payments are not being made in a timely fashion the court generally grants permission to foreclose. The moral of the story - make your payments or the bank can foreclose!
Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing 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 a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
Can you surrender your interest in bankruptcy and if so can you then be foreclosed on?
If you voluntarilarly surrender your interest, you give up your ownership and right to possession. Your out and you don't own anything to foreclose.
