Admin

How competitive are you at different Law Schools?

Enter your LSAT and GPA scores and find out!
GPA: out of 4.0
LSAT: out of 180
Legal Forums
Legal Forums
Welcome, Guest
Please Login or Register.    Lost Password?
stopping foreclosure (1 viewing) (1) Guest
Go to bottom Post Reply Favoured: 0
TOPIC: stopping foreclosure
#7197
Jackie (User)
Gold Boarder
Posts: 176
graphgraph
User Offline
stopping foreclosure 7 Years, 6 Months ago Karma: 3  
Say a person is unsuccessful in negotiating with a mortgage lender and the mortgage lender wants to foreclosure on the property. If the debtor files for bankruptcy, will that stop the mortgage lender from foreclosing on the home?

Does the debtor have any other options?
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
#7214
nic (User)
Senior Boarder
Posts: 53
graphgraph
User Offline
Re:stopping foreclosure 7 Years, 6 Months ago Karma: 0  
Filing for bankruptcy will provide a temporary abeyance from creditor claims, i.e. your mortgage company, but at some point you will need to complete the BK and negotiate with your mortgage co.

When you first file for bankruptcy the automatic stay immediately becomes effective. The automatic stay enjoins creditors from making any collection efforts against a debtor. If you are facing foreclosure, the automatic stay prevents the mortgage company from initiating or moving forward with the foreclosure.

If the mortgage company wishes to resume collection efforts, including foreclosure, against you, then it must first file a Motion for Relief from Stay seeking authorization from the court to do so. If the bankruptcy court grants the motion, the mortgage company is free to proceed with the foreclosure and any other remedies it may have under the law.
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
Go to top Post Reply
Powered by FireBoardget the latest posts directly to your desktop

LegalNut Resources

Attorney jobs listings and sites with attorney salary information, attorney job search functions, and salaries by law firm.

Law school rankings show how competitive your lsat scores would be at top law schools in the US.

Law school admissions advice is available both at the LSAT forum and throughout the pre-law section, including LSAT prep options, law school personal statement help, LSAT score distributions and law school bar exam pass rates.

Copyright 2006 - 2018 Rochester Ideas, LLC. All rights reserved.