QUESTION
What are my rights regarding the bankruptcy for my house?
Asked on Jun 01st, 2012 on Bankruptcy - Florida
More details to this question:
I filed bankruptcy on my house almost 5 years ago,as far as I know it hasn't went up for for closer or auctioned off or anything,my lawyer says not to worry about it,and to just live there ,but it needs a lot of work and I don't want to put a lot of money fixing it ,worried that they will take it ,but I haven't received any letters from court or of anything stating it was in for closer ....what are my rights and how long do they have after bankruptcy to take it....(it's going on 5 long years)please help!!!
12 ANSWERS
Daniel James Wilson
Perhaps its time to move. I assume you have not been paying your mortgage. I have seen banks not foreclose for years, no one really knows why. You have had 5 years of free rent.
Answered on Jun 12th, 2012 at 9:22 PM
The short answer is "it depends". Your rights depend on a number of factors, including: did you reaffirm your mortgage?... did you continue making the payments on your mortgage?... is it your intention to keep the house or give it up?... Talk to an attorney to discuss your options.
Answered on Jun 12th, 2012 at 9:21 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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You won't receive any letters from the court. It sounds like your bankruptcy is discharged. You have a free place to live until, and if, the lender decides to foreclose.
Answered on Jun 12th, 2012 at 8:37 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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You don't need any help as your lawyer's advice was good. You do not get a free house. Just live there as long as you can.
Answered on Jun 12th, 2012 at 8:28 PM
Norman Linder Hull
As long as there has not been a foreclosure sale, you are the owner of the house. There is very little you can do to force the lender to complete the foreclosure and have the property sold. Consult an attorney.
Answered on Jun 12th, 2012 at 8:25 PM
Please contact your bankruptcy attorney, ask for specific information. If you rejected your mortgage in bankruptcy, and never reaffirmed on the mortgage debt, the debt was discharged in your Chapter 7. You can live in the house until it is foreclosed on, the foreclosure process completed, and you then taken to court for eviction as holdover tenants. How long that process takes is totally up to the mortgage company- they can get you out sometimes as soon as 9 months after filing bankruptcy. Some mortgage companies act very slowly to get their property back- and yes- some take YEARS to do it. Save up your money, live for free as long as you can, and be prepared to move out someday.
Answered on Jun 12th, 2012 at 8:23 PM
Glen Edward Ashman
They can get it anytime they wish and can wait days, months or years.
Answered on Jun 12th, 2012 at 7:54 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Let sleeping dogs lie. Do what is necessary to keep it habitable for yourself. IF what you have covets elated is true it is no longer your house.
Answered on Jun 12th, 2012 at 7:52 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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It's called "foreclosure," and you appear to be in an odd position. The debt was probably discharged in the bankruptcy, unless it was reaffirmed. You have been staying there without paying the mortgage for over 5 years, and they have not filed foreclosure. Perhaps they will, perhaps they have forgotten. But they still have a lien on the real estate. One thing you may want to check is whether the taxes have been paid on the property. If they have not, then arrange to buy the tax certificates. This is very complicated and will require the services and advice of an attorney, but I think you may be able to clear up the lien on the property if you can get the tax certificates. That way they could not foreclose on you.
Answered on Jun 12th, 2012 at 4:42 PM
Not common but no longer rare. The answer is that your bankruptcy attorney is totally correct. There is no time limit on the bank's right to foreclose. Your attorney's analysis, which I hear as saying that you should stay there as long as it is cheaper and more comfortable for you than renting a place. Once the foreclosure starts, it requires 4 months to complete. So don't spend more on repairs at one time than you would spend on 4 months rent at another place. One piece of unsolicited advice. Be sure that, no matter what, you keep insurance on the place until the foreclosure is finished and you are no longer the owner of the house. This is not for the bank; this is for you. It will protect you against liability to third parties for injuries caused by the property.
Answered on Jun 12th, 2012 at 10:10 AM
Family Law Attorney serving El Cajon, CA
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Law Offices of Sheryl S. Graf
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If you are current in your payments, then the mortgage lender cannot take your house. Assuming that you filed a Chapter 7 (straight) bankruptcy and your home qualified for an exemption, then your Bankruptcy filing doesn't impact the final disposition of your house. The general rule is: If you want to keep it, then you have to keep paying for it.
Answered on Jun 12th, 2012 at 10:09 AM
Bruce Arthur Plesser
You have so many rights, you have no idea. There are billions of dollars set aside by banks and lenders that the government made them set aside to make people like you whole.
Answered on Jun 12th, 2012 at 9:53 AM