Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
Re: Foreclosure/BK confusion...question

MovingForward_2012 wrote:
I can do that but I have read of others having this issue when they filed Chapter 7. But they probably filed after the foreclosure, which is why they got a foreclosure. I guess if you file Chapter 7 before the foreclosure, you don't get a foreclosure? The thing is common sense tells me that if you file a Ch 7 before the house goes into foreclosure, the house will still go into foreclosure as they don't sit in limbo after you file a Ch 7. Foreclosure precedings still begin and your name being transferred off the deed is still recorded as public record. Unless you are trying to say the lender won't care about the foreclosure sale because it was a Ch 7 they filed instead of a 13?? That doesn't seem very fair to those who filed a Ch 13 so they could at least pay back some of their debts.

I understand I can research but this forum is a form of research as it is a place to learn from others. I am not that interested in the topic to do more research.

Not saying the rules are not the same. The way it is handled is different. You can purchase a home before being discharged with a Chapter 13 filing as long as you follow the proceedings, conditions and its approved. You cant purchase a home with a Chapter 7 with the same scenario as it doesnt pertain to a Chapter 7 filing.

Your common sense tactic makes sense and is pretty much how it is determined. If you were foreclosed upon before filing you have a foreclosure. If you file before the foreclosure then you do not have a foreclosure.

 

Once you file BK Chapter 7 and discharged no Creditor, Lender included in the BK can come after you for any debt owed, that was included in the BK. Filing a Foreclosure after the Filing for BK would be coming after debt previous owed.

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