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What else can I help you with?
Do you have to declare bankruptcy if you default on your mortgage?
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
How do you stall foreclosure?
You can stall a foreclosure. If you negotiate with the lender for a short sale, the lender may hold back on the foreclosure process to allow you to complete the short sale. You can also challenge the foreclosure process in court. If there are any irregularities in the foreclosure process initiated by the lender, the court can stall the foreclosure. You should ask the lender to produce the original note. Often the lender initiating the foreclosure is not the original lender. Most lenders sell the mortgage to other lenders and institutions. It is the subsequent lender who generally initiates the foreclosure. Often the subsequent lender may have problems producing the original note. Sometimes it can take months to produce the original note. Filing for bankruptcy also stalls the foreclosure. Negotiations with the lender can also buy you time. For an official opinion, it is advised you seek legal counsel.
How does bankruptcy stop foreclosure?
The bankruptcy stay prevents any action by the lender until the BK is finalized. Be advised that a mortgage lender can petition the court to have said stay lifted so foreclosure proceedings can continue. That rarely happens though. Unless the debtor reaches an agreement with the mortgage holder to reafirm the lending agreement the foreclosure will likely occur after the BK discharge.
How do you stop a foreclosure?
The best way to stop a foreclosure is to avoid it occurring in the first place. If a foreclosure is pending, it can sometimes be stopped by the lender agreeing to a short sale, or by the mortgagor signing a deed-in-lieu of foreclosure.More informationForeclosure is not immediate. From the date of your first default until the sale of your home, you can take steps to prevent the foreclosure. You can contact your lender and request a loan modification. The lender can change the terms of the mortgage to make the mortgage payments affordable. The lender can lower the monthly payments and increase the term of the mortgage or the lender may allow you to NOT pay the monthly installments for a few months until your financial condition improves. You will however, have to pay these installments later. You can also request the lender to allow you to sell the home and turn over the sale proceeds to the lender. You can also file for bankruptcy and stop a foreclosure. If you want to retain your home, you must file under Chapter 13. For an official opinion, it is advised you seek legal counsel.More informationThere are not many options when it comes to foreclosure prevention. You typically will have to take fairly drastic action like filing for bankruptcy. Bankruptcy may prevent your home from being foreclosed on, but it has a number of obvious drawbacks. Also, in order to halt foreclosure in this manner, you must meet the following requirements:Have a monthly income that can cover your bills and expensesHave enough income left over to make your mortgage up-to-date within 5 yearsUndergo debt counseling before filingHave a good foreclosure-prevention attorney review your paperwork. The foreclosure may not be legal. The mortgage may not be legal.If you apply for restructuring under a government program and the mortgage company has not responded yet (often the case), the lender cannot foreclose under federal law.There may be an anti-foreclosure team in your area that can help you with these options. Often a group of AFT members can prevent the auction, giving you time to get help.For an official opinion regarding your own situation, it is advised that you seek legal counsel.
How can one beat foreclosure?
You can't "beat" foreclosure. You can talk to the lender and try to work out some kind of repayment plan that will cause them to halt the foreclosure proceedings. You can also stall the process by filing for bankruptcy, but at the end of that you're still going to lose the house unless you've used the time to work out a deal with the lender.
Is my 401k and IRA protected from foreclosure?
If by "foreclosure" you mean that the mortgage lender is taking your home back, yes they are prtected. However, if you really mean BANKRUPTCY, no, they are NOT protected, since they are assets you can use to reimburse your creditors.
If you have had a foreclosure can you purchase other property later?
Yes you can purchase property. The problem is finding another lender willing to give you a loan that is affordable.
Is property in foreclosure still considered property of estate?
Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.
What will happen if you stop making your mortgage payments?
The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.
How do you stop the foreclosure sale date?
Call your lender and ask about options to stop foreclosure if they can't help contact HAFA. bankruptcy is automatic stay Short sale from an experienced Realtor visit: http://www.shortsaleask.com for more information.
If you filed Chapter 7 bankruptcy 5 years ago can you file again on your home and when?
There is a six year limitation for BK filing. Bankruptcy will delay but not stop foreclosure on secured property, unless the debt is reaffirmed with the lender.
