Posted by ROBIN SNYDER-PRESIDENT MORTGAGE BANKERS,LTD on January 28, 2000 at 01:59:48:
IF YOU CAN DISMISS YOUR BANKRUPTCY CASE WITH THE FEDERAL COURT IN TIME YOU COULD SELL YOUR HOME FOR A cash price to A REAL ESTATE INVESTOR,DEPENDS ON WHAT YOUR TOTAL PAYOFF OF MORTGAGE IS ALSO,TAXES,LIENS COSTS ETC FOR THE INVESTOR TO GET TITLE AND YOU TO GET CASH AND AVOID A FORECLOSURE SALE.
Bankruptcy and Foreclosure - Posted by Robin
Posted by Robin on January 27, 2000 at 18:45:32:
I’m currently in Chapter 7 Bankruptcy and my home is scheduled to go to foreclosure auction on Tuesday, Feb. 1, 2000. I have received many letters from investors asking to buy my home. If I decide to contact an investor, is it still possible to save the home from foreclosure? What can I expect from an investor? Should I even care if I can’t sell my home? If the home was part of the Bankruptcy case, can the mortgage company seek money from me? Please advise, according to some of the letters received from investors, they can offer us cash for the home (something we can really use).
Thanks
Options are limited - Posted by John Behle
Posted by John Behle on January 28, 2000 at 14:04:03:
Bankruptcy stops all legal action such as foreclosure. The only way your lender can foreclose is if the property either never entered into the bankruptcy (not mentioned in the papers) or it has been released from the bankruptcy. If you recently entered the bankruptcy, the lender may not have received notice by the time they scheduled the sale.
You need to talk with your bankruptcy attorney or the trustee to see if this sale is even going to happen. If it is going to sale, any proceeds over and above the loan would go to the bankruptcy court.
If it isn’t going to sale and is still a part of the bankruptcy, you cannot sell or dispose of the property without a release from the court.
Most likely the property is still in the bankruptcy - BUT VERIFY IT - yet, you could possibly sell it to an investor. Again, proceeds would go to the court.
You NEED to discuss this with your attorney or the bankruptcy trustee. I am not an attorney, but am a mortgage banker and deal with bankruptcies constantly. This is not intended as legal advice - only education and pointing out some potential options - depending on your circumstances.