A question on foreclosure.?
Question:
Answer:
Most states have what is called a homestead exemption. You can keep your home depending on the amount of equity is how it typically works. Just make sure to keep the payments current during the entire process.
Ummm My friends did, but they had an adjustable rate and their house payment went from $900 to $1400, so then they had to file Ch. 7, and lost the house.
So just be careful
Once you declare bankrupcy, they cannot foreclose until AFTER the hearing.
The judge will decide if they can forclose as part of the bankrupcy settlement.
Bankruptcy or not, you must make the payments to avoid foreclosure. BK is generally limited to the discharge of UNSECURED debts. By its nature a mortgage is not unsecured debt. Additionally, chapter 13 is a wage earner plan to restructure unsecured debt and pay it off.
I really have no idea about Texas, call the state attorney generals office and they can give you a real quick answer. Where I live, No not after you have a foreclosure notice.
Yes, check your state's bankruptcy laws and consult with an attorney as soon as possible, since bankruptcy laws have made it more difficult for homeowners to file.
But in general, you can file bankruptcy up until the time of the sheriff sale, at which point you would no longer be the owner, so you filing bankruptcy couldn't affect that house. As long as you own the house, though, you can file bankruptcy to ask for protection under the law.
Getting the foreclosure notice just informs you that you are being sued for the defaulted mortgage and the house is going into foreclosure. It may give you some stated period of time to cure the default, but you are still the owner of the property at this point. The foreclosure notice is there to tell you that the clock is ticking and that you should find a solution to foreclosure before losing the house.
Consult with an attorney, though, and see exactly what you would need to do to file bankruptcy to stop foreclosure.
Good luck.
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