if the house is to be auctioned , if the tenent files bankruptcy do they have to reschedule the sale?
2006-11-01 01:57:42 · 7 answers · asked by Sue 2 in Business & Finance ➔ Renting & Real Estate
No. It is under foreclosure because the tenant, who does not own it, could not pay for staying there. If the tenant says here is proof (bankruptcy filing) that I can not pay for it that will not stop the foreclosure. The auction is the bank trying to deal with the owner's foreclosure. It has nothing to do with the tenant.
If you meant the owner living there, not a tenant, he has lost any rights to the house at foreclosure so it is not an asset that is part of his bankruptcy so again there is no impact.
If there was a prayer that an owner could avoid foreclosure or have enough money to buy the property at auction that is long gone. It just doesn't happen in real life.
2006-11-01 02:03:50 · answer #1 · answered by Rich Z 7 · 1⤊ 0⤋
The purpose of a bankruptcy is to protect to the debtor from the actions if creditors. The foreclosing lender is not a creditor of the tenant unless the tenant has an ownership interest in the building. Unless the tenant is a borrower on the loan or has an ownership interest in the property, the tenant's bankruptcy will have no impact on the foreclosure.
If the tenant's bankruptcy is still pending at the time of the foreclosure sale, the new owner MIGHT need to file a motion for relief from stay in order to proceed with eviction. Consult a local bankruptcy attorney for more information.
2006-11-02 06:53:16 · answer #2 · answered by Carl 7 · 0⤊ 0⤋
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RE If someones house is under forclosure, if the tenent files bankruptcy can it buytime his house from being sold
if the house is to be auctioned , if the tenent files bankruptcy do they have to reschedule the sale?
2014-10-02 00:22:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Another thing I just thought of, if you file for BK, in a month or so when the foreclosure does eventually happen, you may not be able to find an apartment b/c they do a credit check when you go to rent a place.
2006-11-01 04:25:26 · answer #4 · answered by M 2 · 0⤊ 0⤋
bankruptcy court can delay the sale or even keep it from happening if you are trying to save the house. It all depends on what type of bankrutpcy you are filing and if you are reaffirming the house.
2006-11-01 01:59:56 · answer #5 · answered by kimmi_35 4 · 0⤊ 0⤋
In a human being difficulty, sure, if someone is dumb adequate to purchase a lemon for that a lot, that is more effective their fault than the sellers fault. they could in basic terms go purchase a lemon for far less elsewhere. in spite of the indisputable fact that, in maximum places i believe there are guidelines about how a lot they could price for products in shops and whatnot. If all lemons without be conscious fee 100 greenbacks for no reason, it does not be ok.
2016-12-05 10:21:43 · answer #6 · answered by ? 4 · 0⤊ 0⤋
does the tenet own the house? if not then he is just a rentor and it has nothing to do with the house and what the owner does with it.
2006-11-01 02:07:35 · answer #7 · answered by kmcglidden 3 · 1⤊ 0⤋