 I live in las vegas and with the market's turn the house that i'm buying that was worth 350 last year is now |
| appraised for 300! the appraiser just came last week and that's what he appraised it for. it will go back up again, right? here in vegas so many houses are in foreclosure and people and i'... |
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...right on the beach?
Additional Details
I'm single. I would move there for the constant beach activities. I love partying. I would have a moderate car, like a Civic (stock).... |
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marifdarr | Can declaring a bankruptcy stop foreclosure? |
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 |
 
tasty.morsel
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Dear Marifdarr,
Yes, it can. Once bankruptcy is on paper at any attorney's office and is filed, foreclosure will be stopped until the bankruptcy is completed. The bankruptcy can take as long as several months and you cannot be evicted until it is finished. This gives you time to find another place if you wish or you can keep the house in the bankruptcy, depending on which type you choose to end up filing. |
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AnOrdinaryGuy
|
Tasty is right, up to a point. There is an "automatic stay" that goes into effect once you actually file your bankruptcy case. However, a secured lender, like a mortgage company, can then ask "for relief from the automatic stay" and it will almost always get permission to go ahead and foreclose UNLESS you bring you payments up to date and stay that way. |
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Leo F
|
No it will just buy you some time. |
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Bobcat
|
You need to check with an attorney. Laws vary from state to state. For example, in Florida, they cannot take the home you reside in as long as you can make the payments for it by discarding other debts.
In addition, your mortgage bank may have programs to help you out. They don't want your house back. Don't be afraid to contact the lendor. |
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stephen t
 |
Yes. For example, your house could be set for auction on Tuesday. However, if you file BK on Monday it will stop the auction. The mortgage company, will then have to file a motion with the BK court to go forward with the sale, this process can take anywhere from 1-4 months. It buys time, so you can sell the property or live there longer and if you complete the BK you can wipe out any deficiency you owe on the mortgage, if you meet the guidelines for a 7. Even after foreclosure they still have to evict you, and this can take several months. |
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Tapestry6
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There are 2 types of bankruptcy a chapter 7 you will lose the house. A chapter 13 you will not.. it stops the bank from taking your house as soon as its filed. No more phone calls.
You have plenty of time to look for a new lender. You do have to take a class online for an hour and eventually go the court to set up payments to pay the court. Go to a lawyer today that specializes in that kind of case..they will give all the details. Your not the only one in this mess many people are in trouble because of the flexible rates that jumped this past year. |
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Mr. Knowitall
 |
No - declaring bankruptcy will only allow you to get rid of your other debt. If you include your mortgage, you give up your home anyway.
If you do not include your home, you still have to make the payments on your mortgage or the lender will foreclose. |
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koalalove86
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Don't do that dude...if it's you!!! They are two seperate things and they will ruin your credit if you think one will stop the other....those are the things that will drop your credit score faster than a model holding ****.. |
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Gerald
 |
If loosing the house is part of the bankruptcy ---NO |
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Barry auh2o
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It may hasten foreclosure. Nice try. |
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