2006-11-09 03:06:33 · 2 answers · asked by ycd71 2 in Business & Finance ➔ Credit
your attorney will discuss this with you. it depends on your intentions with the home. do you want to keep it? are you past due on the payments? most times, when a real estate property is delinquent, the attorney would suggest a chapter 13 bankruptcy to handle the delinquency balance. but in a chapter 7, the attorney will probably recommend a "reaffirmation" with the bank, which is your guarantee to pay back the loan outside of the bankruptcy. with a signed reaffirmation, the house will be yours, as usual, unless you default down the road. but, it you don't reaffirm the debt, the account is past due and remains past due, the bank will wait until the bankruptcy is discharged (normally 3-4 months from the filing date). then, they initiate foreclosure proceedings. that process can take 3-12 months depending on the complexity of the foreclosure.
talk with your attorney to find out the best option.
2006-11-09 03:18:12 · answer #1 · answered by abcdgoodall 4 · 1⤊ 0⤋
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2006-11-09 11:09:46 · answer #2 · answered by CyndiDrum 4 · 0⤊ 0⤋