Foreclosure University Bankruptcy

Can your home be foreclosed on if your in bankruptcy ?

April 30th, 2009 by Jarad

Question: can your home be foreclosed on if your in bankruptcy ?

Answer: – No, not while in bankruptcy. Bankruptcy only postpones the auction though for 6 to 8 weeks unless you file chapter 13 which is a workout option. If you fail to meet what’s agreed upon, then the foreclosure begins where it left off. We wrote a small article about <a href=”” target=”_blank”>Bankruptcy</a> you can read more about.

I have a home in WI that is still owned by my ex-husband and myself. It was in foreclosure and he filed bankruptcy.

February 15th, 2009 by Jarad

Question: I have a home in WI that is still owned by my ex-husband and myself. It was in foreclosure and he filed bankruptcy, not sure what is happening now but we had a home equity line on the home, will I be required to pay that back or will the foreclosure take care of it?

Answer: -The bankruptcy will postpone the auction for approximately 2 months, then it will be released and the foreclosure process will pick up where it left off. If no one bids at the auction, the junior lien holders have the option of filing a deficiency judgment where they can come after you for the amount lost, or they can 1099 you for the amount they lost or they will do nothing.

Sale of Property

September 30th, 2008 by Jarad

Question: If a judgment has been passed and your sell date is February of 2009 can you still try to sell the property before the sell date? Or does the bank now officially own the property?

Answer: – Absolutely you can sell your home. You should have a statement from the lender showing you the full payoff amount. This will include all late fee, attorney fees, foreclosure fees, etc. As long as you payoff everything, you can sell. The only time you can’t sell is if you’re in bankruptcy.

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