Foreclosure question
My poor brother is having a tough time, and as usual, has asked me to help bail him out. I have decided that I won't. It's a combanation of him needed to do things himself, me tired of helping him, and it's really more money than I can handle comfortably.
His lender has filed for foreclosure. They're not willing to work with him anymore, and I'm sure they have good reasons not to do so.
If he files for Bankruptcy, will this stall out the foreclosure? His goal is to stay in the home as long as he can.
Once he files, I'm sure that the lender will motion to have the home released to them.
How long does this take? Once the bank has the home back in their name, will they have to evict him or will the sheriff show up the moment the bank takes title back and kick him out?
Thanks for the ideas!
Either way it sounds like an awful plan.
If he files for Bankruptcy, will this stall out the foreclosure?
Only for a short time.
The lien holder will then petition the bankruptcy court to remove the property from the proceedings, and the court will likely grant the petition.
Originally Posted By brickeyee:
If he files for Bankruptcy, will this stall out the foreclosure?
Only for a short time.
The lien holder will then petition the bankruptcy court to remove the property from the proceedings, and the court will likely grant the petition.
This.
But more importantly, I don't think that it helps your brother for you to be asking for legal advice on his behalf. He needs to obtain assistance for himself.
I don't know how things are where your brother is, but foreclosures here are taking upwards of a year or longer. That usually gives people time to work out a solution.
Originally Posted By BushBoar:
I don't know how things are where your brother is, but foreclosures here are taking upwards of a year or longer. That usually gives people time to work out a solution.
Not everywhere.
Virginia has an especially short non-judicial foreclosure process.
Originally Posted By brickeyee:
Originally Posted By BushBoar:
I don't know how things are where your brother is, but foreclosures here are taking upwards of a year or longer. That usually gives people time to work out a solution.
Not everywhere.
Virginia has an especially short non-judicial foreclosure process.
The foreclosure process is very state specific.
Your brother should talk to a knowledgeable bankruptcy attorney. There are plenty of lawyers who dabble in bankruptcy. Don't see one of those. There are also plenty of "mills" that churn bankruptcy through in quantity, but without a lot of quality. Don't see one of those either.
Send you brother to www.NACBA.org and search for a local attorney who is a member of NACBA. While it is not a guaranty of quality, the dabblers do not tend to join.
I hope you bro=ther lands on his feet.
If he wants to keep the house he will be able to affirm the debt in bankruptcy court, though the lender can change the balance of the loan, the rate of the loan, and a lot of other things (he represents a higher risk borrower at this point).
If he does not affirm the debt it will generally be removed from the bankruptcy proceedings pretty quickly.
