Comments on: If we let our house go into forclosure what happens since we are going bankrupt? http://howtogobankrupt.org/if-we-let-our-house-go-into-forclosure-what-happens-since-we-are-going-bankrupt.htm Mon, 06 Feb 2012 00:00:45 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Sultryivy http://howtogobankrupt.org/if-we-let-our-house-go-into-forclosure-what-happens-since-we-are-going-bankrupt.htm/comment-page-1#comment-5426 Sultryivy Mon, 08 Feb 2010 02:24:53 +0000 http://howtogobankrupt.org/if-we-let-our-house-go-into-forclosure-what-happens-since-we-are-going-bankrupt.htm#comment-5426 That would depend on what type of bankruptsy you are filing and when you are doing it. If you file before your house goes into foreclosure you might be able to include it so it buys you time. The lender has to wait until your bankruptsy is discharged before they can do anything, it kind of locks them out. If your house does go into foreclosure before you file, and if there is a bank sale (sherrif's sale in some states) you will be responsible for the balance. It will appear as a judgement on your credit report so you cannot include it as part of your bankruptsy. Your best bet is to sell the house if you can't afford the payments anymore. That would depend on what type of bankruptsy you are filing and when you are doing it. If you file before your house goes into foreclosure you might be able to include it so it buys you time. The lender has to wait until your bankruptsy is discharged before they can do anything, it kind of locks them out.

If your house does go into foreclosure before you file, and if there is a bank sale (sherrif’s sale in some states) you will be responsible for the balance. It will appear as a judgement on your credit report so you cannot include it as part of your bankruptsy. Your best bet is to sell the house if you can’t afford the payments anymore.

]]> By: Tony http://howtogobankrupt.org/if-we-let-our-house-go-into-forclosure-what-happens-since-we-are-going-bankrupt.htm/comment-page-1#comment-5427 Tony Mon, 08 Feb 2010 02:24:53 +0000 http://howtogobankrupt.org/if-we-let-our-house-go-into-forclosure-what-happens-since-we-are-going-bankrupt.htm#comment-5427 I'm not an expert, but let me play one on the Internet. Here's what I think: If you enter foreclosure before you declare bankruptcy, you will lose the house. If you declare bankruptcy first, and the house is your residence, you may have some protection against being turned out into the street. The laws have become less favorable toward debtors since I learned about bankruptcy, so check with a lawyer. The bankruptcy lawyer (GET A LAWYER!) will advise you as part of his services for a reasonable fee. Don't delay and let the bankruptcy just happen to you. I’m not an expert, but let me play one on the Internet. Here’s what I think: If you enter foreclosure before you declare bankruptcy, you will lose the house. If you declare bankruptcy first, and the house is your residence, you may have some protection against being turned out into the street. The laws have become less favorable toward debtors since I learned about bankruptcy, so check with a lawyer. The bankruptcy lawyer (GET A LAWYER!) will advise you as part of his services for a reasonable fee. Don’t delay and let the bankruptcy just happen to you.

]]> By: spiritjourney5353 http://howtogobankrupt.org/if-we-let-our-house-go-into-forclosure-what-happens-since-we-are-going-bankrupt.htm/comment-page-1#comment-5428 spiritjourney5353 Mon, 08 Feb 2010 02:24:53 +0000 http://howtogobankrupt.org/if-we-let-our-house-go-into-forclosure-what-happens-since-we-are-going-bankrupt.htm#comment-5428 I believe you could be... however, from what I understand, seldom does anyone "come after you" for it. A friend of mine experienced this many years ago, and the house sold for under what she owed. No one ever came after her for the remaining balance. I believe you could be… however, from what I understand, seldom does anyone "come after you" for it. A friend of mine experienced this many years ago, and the house sold for under what she owed. No one ever came after her for the remaining balance.

]]> By: Jennifer H http://howtogobankrupt.org/if-we-let-our-house-go-into-forclosure-what-happens-since-we-are-going-bankrupt.htm/comment-page-1#comment-5429 Jennifer H Mon, 08 Feb 2010 02:24:53 +0000 http://howtogobankrupt.org/if-we-let-our-house-go-into-forclosure-what-happens-since-we-are-going-bankrupt.htm#comment-5429 If you file for bankruptcy, would have to be Ch. 7 and include it in the bankruptcy, you may be able to stay in the house for up to 1 year, depending on your state laws. If you file for bankruptcy, would have to be Ch. 7 and include it in the bankruptcy, you may be able to stay in the house for up to 1 year, depending on your state laws.

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