Need Quick answer - foreclosure sale

[sadie]

Help

I think I read this somewhere but can't find .
My son is facing foreclosure sale next week (I only just found out there was a problem)

If he files for bankruptcy on Monday will that stop the sale until we can get some things in place to fight it?

Thanks for any info you can point me to.

[Judge Roy Bean]

Originally Posted by sadie

Help

I think I read this somewhere but can't find .
My son is facing foreclosure sale next week (I only just found out there was a problem)

If he files for bankruptcy on Monday will that stop the sale until we can get some things in place to fight it?

Thanks for any info you can point me to.

The short answer is yes BUT - that isn't the end of the story because filing for bankruptcy now has some other ramifications that only his attorney should advise him on.

A lot depends on the state the property is in and the terms of the loan documents.

[charlesa6]

Originally Posted by sadie

Help

I think I read this somewhere but can't find .
My son is facing foreclosure sale next week (I only just found out there was a problem)

If he files for bankruptcy on Monday will that stop the sale until we can get some things in place to fight it?

Thanks for any info you can point me to.

Chapter 13.

[powder]

Some immediate questions your son will need to ask the bank/company attempting to foreclose:

1. You (the financial company) are the holder of the loan

2. you can not foreclose/ force sale without the original promissory note....
it would depend how far down the path he is.... I would suggest filing a motion to vacate based on these two points. (reading and research required).

As far as a lawyer goes... that is up to you. I personally have NO FAITH in them.

[BassBoy]

sadie,

Are you able to elaborate? Why is your son being foreclosed on and what do you intend to fight?

Originally Posted by sadie

Help

I think I read this somewhere but can't find .
My son is facing foreclosure sale next week (I only just found out there was a problem)

If he files for bankruptcy on Monday will that stop the sale until we can get some things in place to fight it?

Thanks for any info you can point me to.

[gratisman]

This would work for a deed of trust state:

Check and see if they recorded the notice of substitute trustee sale at the county recorders office. If they didn't you can send a Constructive Notice to them advising that if they proceed with the sale they will be breaking the law.

PM me if you need more info.

[sadie]

Thank you all for the input. This is a mess. Evidently he hasn't paid his mortgage for about 8 months. They notified him of foreclosure and published for 4 weeks and also gave him info about going to circuit court to file to stop the sale. He never did anything.

He is not into this process. He is buried in "debt" . His solution was to recontract and pay them $5000 (that he borrowed from his brother), with another $5800 due by April 15. He is in process of refinancing. I hope it works out for him. He never listens to any advice. I guess he will learn the hard way or maybe never.

Why not use Commercial Redmption ?

[cigs645]

I was told by 1 guy that he was able to delay his sale by filing and refilling chapter 13 after they kicked out his docs but at the end he ran out of cash to do it, they kept kicking out his chapter 13 and he refilled it 3 times. And I can't say the courts are too crazy about people doing that over and over. At the end all he did was delay the sale.Unless you son can fix his cash flow sit he is just postponing the inevitable. Not trying to be insensitive here but I too had to face the hard reality . Believe it or no, I went though it and I am much better off now than I was before for doing it. Hope he gets his refi. good luck

Originally Posted by sadie

Help

I think I read this somewhere but can't find .
My son is facing foreclosure sale next week (I only just found out there was a problem)

If he files for bankruptcy on Monday will that stop the sale until we can get some things in place to fight it?

Thanks for any info you can point me to.