Bankruptcy Law
does anyone know what happens if a person is in bankruptcy and slated to have his/her house foreclosed on,can the courts move forward with the foreclosure or does the bankruptcy stall or stop the foreclosure?i have seen alot of good deals in the courts but the disposition of the debtors seem to be bankrupt, i am trying not to waste my time.
thank you
busky
The bankruptcy filing will stop the sale. If a person files bankruptcy their home and their transportation are protected.
After the debtor has filed the bank will file a motion to life stay in a lot or most cases. Homestead property may be exempt from some cases too. Also the cases can be dismissed for lack of protection or lack of payments to the trustee. Filing is not a deadend but it does delay the foreclosure. If debtor can not afford to pay the payments and or the trustee the lender will get the right to foreclose again sooner or later. Follow up now and then and you may snag a good deal
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Depends on the type of bankruptcy.
If there is no equity then the lender can apply to lift the property out of bankruptcy.
All cases the auction sale will be postponed. Not eliminated.
I would recommend Greg Dorriety Bankruptcy course.
Tom
I'm just wondering how good Greg Dorriety's course is? Can anyone comment on it? :-?