Ok, I am having a hard time finding the answer I'm looking for, hope someone can help. My hubby and I do not want to foreclose on our home, nor do we want to do a short sale, as I hear a short sale is every bit as bad if not worse than bankruptcy. We have a second mortgage as well. If we file bankruptcy and put the house in with that, approx how long will we be able to stay in the home before we get kicked out, and how do they do it? I don't want them to come and slap a yellow sticker on the window like they would in a foreclosure and make it obvious to the neighborhood that we defaulted on our mortgage. Does anyone know how long we will be able to stay, and what will happen to the house when we are forced to leave?
2007-08-22 14:19:45 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You will have 6 to 8 months in the house from the start of the bankruptcy proceeding.
You will get a notice from the Sheriff's office in the mail, or plastered to your door, announcing an auction about two weeks before it happens. Try to be gone before that happens. Most counties have a website that you can check that will tell you the week before the sheriff comes with his papers.
When you leave, it is no longer your house. The postings for the Sheriff sale will be placed on the front door and the front window. If the house does not sell at auction, the papers will be left there until someone buys it.
You may get lucky and the bank will buy it back and there will be nothing for the old neighbors to gawk at.
Bankruptcy is happening all over this country, every single day. As long as you learn from it, there is no shame in it.
Your true friends will stay by you even through a trial such as this, and you will definitely learn who you can no longer, and should have never, trusted by the end.
2007-08-22 14:35:54 · answer #1 · answered by nik named mom 5 · 0⤊ 0⤋
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RE How long can we stay in our home after filing it in with our bankruptcy?
Ok, I am having a hard time finding the answer I'm looking for, hope someone can help. My hubby and I do not want to foreclose on our home, nor do we want to do a short sale, as I hear a short sale is every bit as bad if not worse than bankruptcy. We have a second mortgage as well. If we file bankruptcy and put the house in with that, approx how long will we be able to stay in the home before we get kicked out, and how do they do it? I don't want them to come and slap a yellow sticker on the window like they would in a foreclosure and make it obvious to the neighborhood that we defaulted on our mortgage. Does anyone know how long we will be able to stay, and what will happen to the house when we are forced to leave?
2014-10-03 18:10:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
First of all, get a lawyer. You will say you can't afford one I'm sure, but you're going to end up on the street with credit so bad you can't even rent an apartment if you don't get some help.
Also, why haven't you contacted your lender about your financial problems? The last thing your lender wants to do is foreclose on your home. They would much rather work with you than have to take it away because it's a financial loss for them as well.
Also, foreclosures are published in the local newspaper, so with or without a yellow sticker, anyone and everyone can read about your misfortune while drinking their morning coffee.
Foreclosure laws vary, so you really must talk to a lawyer to not only get accurate information, but also to protect your future and whatever financial interests you have. HUD helps people who are having trouble with their mortgage payments, but I don't much more about it than that. Please, please call legal aid in your county or city and ask them to help you find an attorney.
With respect to bankruptcy, If you choose to file, you most likely will be able to keep your home, because again, lenders are more interested in working with you than seizing your home.
Lots and lots of people are going through hard times, so it's best for you and your husband to be strong and hang in there and get professional assistance in making important decisions like this. You can get through this and you can recover from it too. Please don't be embarrassed, and don't just sit there and feel like you don't have any control or power. Help is out there, but you have to ask for it. You can make it through this. Everyone goes through hard times, and you're not alone.
2007-08-22 14:38:11 · answer #3 · answered by No Shortage 7 · 0⤊ 0⤋
Also, you should be aware that even though the house will be listed in the bankruptcy, the lender(s) will be able to get the automatic stay lifted for this asset and proceed with the foreclosure ASAP.
2007-08-22 15:42:29 · answer #4 · answered by Princess Leia 7 · 1⤊ 0⤋
Take the advice of the first poster! Call HUD. If the house is in a Chapter 13 then you shouldn't loose the house as long as you comply with the chapter 13 plan.
2007-08-22 17:46:30 · answer #5 · answered by ii7-V7 4 · 0⤊ 0⤋
I know when my husband and I went through bankrupty we didn't want to give up our house, or van, so the lawyer reaffirmed the loans on those 2 items. Ask your lawyer if that may be a possiblity.
2007-08-22 14:28:43 · answer #6 · answered by Jules 4 · 0⤊ 0⤋
Gina you need to call this number right away 888-995-HELP. It is a counseling service approved by HUD. They should be able to advise and help you.
2007-08-22 14:23:49 · answer #7 · answered by Anonymous · 0⤊ 0⤋