How many chances do you get when your house is up for foreclosure?
Posted by admin on 23 Apr 2008 3:48 pm. Filed under Renting & Real Estate.
grebcrystal asked:
Ok, I know of someone that 6 months ago there was going to a Foreclosure Sale on there house at a Sheriffs auction, well that auction was cancelled. Today there was supposed to be an auction and at the last minute it was cancelled. So how does someone get out of it? Both times it was a last minute thing. So how does someone get out of that? They must not have paid 1 payment on there house!
Ok, I know of someone that 6 months ago there was going to a Foreclosure Sale on there house at a Sheriffs auction, well that auction was cancelled. Today there was supposed to be an auction and at the last minute it was cancelled. So how does someone get out of it? Both times it was a last minute thing. So how does someone get out of that? They must not have paid 1 payment on there house!
On April 25th, 2008 at 1:43 pm
most likely they filed chapter 13.If both spouses are on the loan they can each file at seperate times.After this they are most likely out of luck.
On April 27th, 2008 at 7:01 am
Most common way this happens is that the person that is in foreclosure waits until the day before and files for bankruptcy (usually a chapter 13). That stops the foreclosure.
They client then normally doesn’t show up to the creditors meeting and the bankrupcy is dismissed and the bank must foreclose again. Eventually the court will rule that they cant file it again. Ive seen it go up to 4 times. Which took about a year to get them out of the house. Looking at the above comment if 2 were on it. Wow that could take along time if they were doing that. They just keep filing the day before until the judge dismisses it with prejudice. And then the other person could start doing the same.
Call the bankruptcy court and see if they have been filling for bankruptcy or call the court and ask why the sale was cancelled.