Will bankruptcy save my home from foreclosure?
WILL BANKRUPTCY SAVE MY HOME FROM FORECLOSURE?
What will bankruptcy do?
When bankruptcy is filed it provides an automatic stay in foreclosure proceedings. This means that a trustee sale cannot be held so long as the bankruptcy is filed before the trustee sale starts.
Do I automatically get to keep my home if I file bankruptcy?
No. Bankruptcy does not allow the homeowner/borrower to keep their home while also ending their obligation to pay the home loan. Bankruptcy may be tool to provide temporary or long term assistance to the borrower but it’s a strategy that should be pursued after consulting with an attorney.
How can bankruptcy help?
There are a couple of ways a bankruptcy might help, and may be recommended by your attorney.
The effect of filing a bankruptcy grants an automatic stay in debt collection efforts including foreclosures. An automatic stay basically means all collection, repossession, and foreclosure efforts are put on hold until the bankruptcy process is complete. This period may allow your attorney to work through your foreclosure case more thoroughly or give her or him time to work something out with the lender.
Another way a bankruptcy might be helpful is that it may allow certain debts to be discharged, meaning your obligation to pay ends, or it may reorganize your debts into a more manageable payment. This may help by freeing up money so that you can more easily make your monthly payments.
Is there a downside to declaring bankruptcy?
Bankruptcy may negatively impact your credit score however at the point most people are considering bankruptcy, their credit scores have already taken a hit. There may be other cons to pursuing the path of a bankruptcy but they will depend on other factors that your attorney will discuss with you. Remember no one case is the exactly the same as another.
Bankruptcy is often made more difficult when mistakes are made in the process. Often people will file before meeting with an attorney and overlook important facts or issues in their case. Other common mistakes occur when individuals, in anticipation of filing bankruptcy, make additional purchases or attempt to pay off certain debts to maintain relationships with whoever lent them the money. This should be avoided until consulting with an attorney because certain purchase may make the bankruptcy look fraudulent, and payments made can be undone through the bankruptcy process - adversely affecting both the borrower and the person or business that lent the money. Meeting with an attorney, even if it’s just for a brief consult could prove instrumental in making the process smoother, less stressful, and help avoid these and other pitfalls.
Where can I get more information about bankruptcy?
The US Bankruptcy Court of Arizona has vast amounts of information online as well as a help center and hotline to answer questions. The hotline number is 866-553-0893. However, individuals should also contact legal aid, especially if they are also dealing with foreclosure related issues or at risk of foreclosure. To apply for legal assistance use the Access To Justice Online Intake System.
Where can I find legal help with a foreclosure?
Individuals faced with loss of a home through foreclosure/trustee sale or dealing with issues related to a foreclosure can apply for free and reduced fee legal services through the Access to Justice Online Intake System, the link is also available on the top right of AZLawHelp under the “LegalLEARN” section. Individuals may also contact legal aid directly, however due to high call volume there may be long wait times on the phone and the phone system may disconnect calls when overwhelmed. To find the legal aid agency serving a particular county in Arizona, select the desired county in the drop-down under the section titled “FIND FREE LEGAL HELP” on the right column of AZLawHelp.
I put my Fathers name on the Deed to my house in hopes of refinance. This fell through for many reasons. I am now pending a foreclosure. Will he be affected in any way with his name on the deed??
My house was sold at auction on May 28,2014 while i occupied it. I was away out of town and returned today. The locks have been changed and the mortgage co transfers me to the legal dept who wont give me any info on the sale. The county recorder has no info on the sale yet and the sheriff suggested i call landlord tenant line and they cant help because i am not a renter. They suggested legal aid. so here i am . 1 How do i get the things out of my house 2.who do i go to for help
My home was to be foreclosed on 6/13/14 my husband and I filed for bankruptcy on 6/11/14 and advised Ocwen, our servicer and provided the case # to them, Ocwen in turn advised us that there would be NO foreclosure that they would put a hold on it. About a week after that we received notice of the foreclosure sale date having been moved up to 7/8/2014, I again called and they advised me that there was NO sale due to the bankruptcy filed, then in next 2 weeks I had people coming to change locks on my doors which didn't happen bur was advised that my home was now REO that it had been foreclosed.
How can I legally kick out family members? I own home they have been staying with more for over a year. Some occasionally contribute to rent but mostly don't. I have asked severe times in past 6 months to love out now I have given a 2 month telling them by September 1st but doesn't look like ahyones making plans and just freeloading and being lazy and I can't take it anymore Mom brother, sister . How do I legally get them to leave ?
i have purchased a home about to be auctioned off I paid off mortgage and the owner signed over the house on a quit claim I am having trouble getting her to remove her stuff from property how long do I need to give her and what is the process I need to follow
Does the anti-deficiency statute cover for a an 80/20 loan where the 1st mortgage was refinanced (no cash out)under HARP 2.0? Refinanced only for lower interest rate/payment.
I have lived here for 12 years. My name on warranty deed and signed into a trust. New company is servicing my account and will not recognize me as the owner. Foreclosure sale is Jan 14th. Have tried for several months to communicate but they will not. My name is not on the loan. Can you help me. I have a buyer for the property. They will not talk to me about it.
I just found out the house I'm renting is in foreclosure. My daughter is attending school in the area too. Do I have any rights or am I just stick waiting to see what happens? Do I pay rent? Thank You!
How do I find out if there is a sale date for my home that is in foreclosure?
I am in foreclosure with Citimortgage. I just started working after eight months. I have kept in touch with them, and they will do a hardship application when I can provide two paystubs. This I can do as of two weeks from today, when I get my second pay stub. Unfortunately, they are proceeding with foreclosure. I cannot afford an attorney. I just need someone to make them wait the extra two weeks, plus however long they take to process my application. Without my house I am literally homeless, and I am so close to giving them what they need. Can you provide me with pro bono assistance?
- Please select your county of residence below.
State Bar of Arizona
Maricopa County Bar
Referral number 602-257-4434
Pima County Bar
Referral number 520-623-4625
National Domestic Violence Hotline
Bankruptcy Court Self Help Center
Certified Legal Document Preparer Program