If my home was foreclosed on but not sold due to my filing Chapter 13 and I want to switch to Chapter 7, will the sale of my home happen immediately?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my home was foreclosed on but not sold due to my filing Chapter 13 and I want to switch to Chapter 7, will the sale of my home happen immediately?
Asked on October 19, 2013 under Bankruptcy Law, Ohio
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 10 years ago | Contributor
The answer to your question is out of your controll and strictly in the lenders. The lender must first obtain relief from the automatic stay which is imposed by ANY bankruptcy proceeding. Then, It's up to them as to when to proceed. They may have no incentive to move forward if there exists additional costs of ownership to the proerty, such as maintenace, utilities, or homeowners assesments. Such expenses are typically yours until title tranfers to the lender, which may not be in a hurry to assume the obligation.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.