When To File Bankruptcy » foreclosure

When you file bankruptcy, I understand that is not the same as foreclosure, But….?

admin — Mon, 07 Nov 2011 01:15:33 +0000

I don’t really know what does happen.

My friend is under water on her house in Las Vegas, can’t rent or sell it & has decided to file bankruptcy. So what happens to her house now?

I’m a property manager but not a sales agent so I don’t really know about this kind of thing.
She already tried to short sell- bank would not agree.

Yes she has other debt.
OH – OK. So she can give the bank possession of the house during the bankruptcy then it turns into a foreclosure. Did I understand that right?

Technorati Tags: amp, bankruptcy, foreclosure, las vegas, possession, property manager, sales agent

Bankruptcy and how it appears on credit report?

admin — Sat, 03 Sep 2011 15:38:14 +0000

My girlfriend and her husband are considering on filing Bankruptcy, but wanted to know exactly how it appears on their credit report? He already has a Foreclosure, Repossesion and countless of other delinquencies.Anyway, when he files for Chapter 7 will all those deliquent accounts be removed and the only thing appears on the report would be BANKRUPTCY or will it still reflect those creditors in addition to Bankruptcy? I think it would but that’s just my guess anyway if anyone here has filed and saw how it’s reflecting on their report, please reply.

Technorati Tags: chapter 7, creditors, delinquencies, deliquent accounts, filing bankruptcy, foreclosure, girlfriend, guess, reply, repossesion

After two years of a bankruptcy discharge on my mortgage, what happens if I quit paying my payments?

admin — Wed, 24 Aug 2011 14:28:07 +0000

I thought my mortage was re-affermed for two and a half years until I got my credit report and it said it was discharged. I talked to my bankruptcy attorney and he also told me it was discharged back in january 2009. My realter and I are trying to shortsale and I have stopped making payments. What can the lender do as far as credit reporting and foreclosure process? Shouldn’t they have come taken the house after bankruptcy? Im confused!

Technorati Tags: bankruptcy attorney, credit report, credit reporting, foreclosure, mortage, realter, two and a half years

Complicated question for an attorney re: civil suit against former landlord who filed for bankruptcy?

admin — Wed, 13 Apr 2011 19:13:59 +0000

I had a 3 year lease, my landlord lived out-of-state, he stopped paying the mortgage on the house I rented, used my rent money to pay on his home in TX and filed for bankruptcy when the IL house I was renting went into foreclosure.

I sent him notice that I was moving out in 45 days when I found out he was losing the house. I was current with rent, left the house immaculate (took pics, videos, and a statement from this real estate agent that I left the home in beautiful condition).

He agreed in writing to my move-out date, and also put in writing that HE broke our lease. I did not pay him the last month’s rent (00) because he owed me the 00 security deposit and another 5 in lawncare expenses and some smaller maintenance expenses (I have that in writing from him, too). As he had filed BK I did not feel he would pay me those monies which I why I did not pay the last month’s rent.

LOOOONG story short, he sued me for the last month’s rent, added on another 00 for the 5 days extra I took to finish moving out (he was not offering the home to rent to anyone else, no one was viewing the home – he lost no money as a result of those 5 days).

The day of court, I showed up with my attorney, all my paperwork, receipts, etc and my landlord did not show up but his attorney did. 11 months later I missed a follow-up court date as I was NEVER served or sent notice of the appearance and of course, a default judgment was made, plus fees for his attorney and court costs.

Sorry, long-winded – but here is my question: Can I sue the landlord for return of my security deposit, the lawncare service fees, etc – all the things I have in writing that he owes me? The attorney I had initially hired cost me 0 to show up in court the day my landlord did not. As he already filed for bankruptcy, if I won, he would have to pay me, correct? He is working – I know what company he is now at.

I am in IL and he is in TX which I understand has some kind of homestead rule where creditors cannot put liens on property or garnishee paychecks.

Thank you for advice!
Thank you both very much for replying.

The ex landlord filed his BK over a year ago, so I would think it would be completed by now. I figured anything he gets sued for after it is discharged, he would need to pay? I am certain the money he owed me was not included in his filing – I was never contacted by the court as a creditor.

I do not have funds right now to pay my attorney additional money (got laid off a few months back). So…no money for him – no help from him.

Regarding my getting served about the second court date – no I did not move. When I called the landlord’s attorney, he stated he sent me a notice via regular mail to my correct address. Did not get it. I am working on getting the judgment set aside, but as I found out about the default judgment more than 30 days after the fact, this is a bit difficult.

You are good folks for helping me out – thanks!

Technorati Tags: appearance, bankruptcy, bk, creditors, default judgment, foreclosure, homestead, landlord, lawncare service, maintenance expenses, money, monies, mortgage, paperwork, real estate agent, receipts, security deposit

What kind of Attorney should I talk to? I need to decide between Bankruptcy or Foreclosure?

admin — Thu, 07 Apr 2011 14:27:21 +0000

My husband died last month and I lost his Social Security Disability. I am going to lose the house. My pay was cut last year by 10 percent due to the economy. I owe twice as much as the house is worth. Lender won’t modify the loan enough to help (plus I have a second Mortgage). I can’t short sale…. I want to talk to an attorney about whether it would be best to file bankruptcy or go into foreclosure. Both have long term ramifications and I don’t want any surprises. I need to talk to an attorney, but how do I find one and what kind?

Technorati Tags: bankruptcy, economy, foreclosure, ramifications, second mortgage, social security, social security disability, surprises