2007-02-25 06:41:26 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
They cannot,unless you don't pay the mortgage. Keep paying every month,and you don't have to reaffirm the loan either .
2007-02-25 06:48:03 · answer #1 · answered by Stuka 4 · 0⤊ 0⤋
In bankruptcy, you have to state your "intention" to either reaffirm a debt, surrender the collateral, or "redeem" the collateral by paying the lender what it is worth. You are not in a position to "redeem" by paying off and refinancing the house. If you want to "reaffirm", you need to be current with the mortgage and keep making the payments. Doing nothing but just keeping the payments current, called a "ride through" is not an option under the current bankruptcy law.
So to more fully answer your question, the bank will foreclose if you are behind and the bank might get relief from the automatic stay and foreclose if you don't reaffirm the debt.
2007-02-27 00:29:39 · answer #2 · answered by DLeibowitz 5 · 0⤊ 0⤋
A bankruptcy will not discharge secured debt. You will need to continue making the payments if you wish to keep your home. The automatic stay created when you file bankruptcy will temporarily delay a foreclosure, but you will ultimately have to bring the payments current.
If you filed a Chapter 13 bankruptcy, you can pay back the post due payments over time.
2007-03-01 22:53:35 · answer #3 · answered by Carl 7 · 0⤊ 0⤋
not if you keep paying them & if you reaffirm the debt. if you do not pay them & do not reaffirm, then they can & will take your house. however, since you are under the bankruptcy court's protection, they will not be able to sue you if they sell it for less than you owe. why didn't your atty explain all this? i hope you didn't pay someone to do your filing & not get any advice out of them.
2007-02-25 14:47:08 · answer #4 · answered by Tom's Mom 4 · 0⤊ 0⤋
yes
you can stop it untill you are the brother-in-law of any MLA etc
you need to pay back otherwise loose the house if you have the chance of payment in future just go to the manager and request him
hope you will have a better financial position in future
2007-03-05 07:33:35 · answer #5 · answered by kalyan 1 · 0⤊ 0⤋
The bank will only foreclose if you aren't making the payments.
2007-02-25 14:48:19 · answer #6 · answered by Faye H 6 · 0⤊ 0⤋