QUESTION
Can bankruptcy stop sale of home if you are on note?
Asked on Aug 02nd, 2014 on Bankruptcy - California
More details to this question:
My sale date is Aug 16, 2014. I am not on the note and my husband (separated) will not do the bankruptcy. Will I be able to stop the sale of my home?
13 ANSWERS
If you are on the title to the home, a bankruptcy will stop the sale of the home.
Answered on Aug 08th, 2014 at 9:24 AM
If there are valid reasons for you to file bankruptcy other than just stopping the foreclosure, then it would stop the sale PROVIDED, that your name is on the deed to the home. If your name is not on the deed, it would not be viewed as your asset and your bankruptcy would not stop the foreclosure. If your name is on the deed but you don't have a lot of debt other than the mortgage, the foreclosing lender could say your bankruptcy filing was in bad faith and move the court to allow them to go ahead and foreclose.
Answered on Aug 05th, 2014 at 6:46 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, your bankruptcy will stop the sale of the home because you're an owner. But this would only be temporary, since the lender does have a lien your ex's half of the house, they can continue with the sale (after a delay that might be a couple months and might be a year). Since you own 1/2 the house, upon the sale, the court will pay you half the proceeds and the rest will go to pay off the loan.
Answered on Aug 04th, 2014 at 8:49 PM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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Are you on the title? If the creditor is trying to foreclose your interest, a bankruptcy stay will stop it.
Answered on Aug 04th, 2014 at 1:07 PM
Bankruptcy Attorney serving Walnut Creek, CA
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Alan E. Ramos Law Offices
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The filing of a bankruptcy petition will stop a foreclosure sale; however, it will not hold off the sale indefinitely. If you file Chapter 7, the lender can obtain relief from the automatic stay and proceed with the foreclosure sale. In Chapter 13, you have to make your ongoing payments and pay the arrearage in your plan if you want to keep you house. You should speak with an attorney before you make a decision on what to do.
Answered on Aug 04th, 2014 at 12:06 PM
Bankruptcy Attorney serving Grand Rapids, MI
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David Andersen & Associates, PC
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Yes, assuming you are on the deed.
Answered on Aug 04th, 2014 at 12:06 PM
If you are on the property filing Bankruptcy will stop the foreclosure.
Answered on Aug 04th, 2014 at 12:06 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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I would have to look at the title-ling and interests. What is really going on. Generally you will not be able to possess the house in the long run unless it is paid for.
Answered on Aug 04th, 2014 at 12:05 PM
2 Awards
No. If you are not on the note it will not stop the foreclosure.
Answered on Aug 04th, 2014 at 12:03 PM
If you are on title, it will stop the sale, but only temporarily unless payments are resumed.
Answered on Aug 04th, 2014 at 12:03 PM
Debt Settlement Attorney serving Chicago, IL
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Law Offices of Daniel J. Winter
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It might be possible, but you need to set up an appointment with an experienced bankruptcy attorney NOW.
Answered on Aug 04th, 2014 at 12:02 PM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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Are you on the deed of trust? If not, is your husband willing to quitclaim some or all of the ownership interest in the property? If you are on the deed, you can reorganize your debts while stopping the sale of your home yourself.
Answered on Aug 04th, 2014 at 12:00 PM
Filing a bankruptcy can delay a foreclosure sale if you are on the title to the property, even if you are not on the note. But you need to be realistic. If you are considering Chapter 7, delaying a sale for a few months may not give you the result you are looking for. You need to consider whether you can afford to proceed with a Chapter 13 in order to bring all of your mortgage arrearages into current status and resume making ongoing mortgage payments.
Answered on Aug 04th, 2014 at 12:00 PM