Foreclosure in Ijamsville>Question Details

Csback51, Home Buyer in Ijamsville, MD

How long does it take for a house to come back on the market if the owners are filing for bankruptcy? Is the house then a foreclosure?

Asked by Csback51, Ijamsville, MD Fri Jan 15, 2010

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6
Tammy Durbin’s answer
If you looking at homes in the area I can help. I can pull all listing from all companies. There are a lot of great deals right now. Don't forget if your a first time homebuyer to get the credit you need to be under contract by 4/30/2010.

Feel free to email or call me anytime.

Tammy Durbin, e-PRO, GRI
Long and Foster Real Estate
240-405-3118
Web Reference: http://tammydurbin.com
0 votes Thank Flag Link Mon Jan 18, 2010
It depends on the type of bankruptcy chapter 7 or 13 typically and how much equity there is in the property if any. In cetain states a set amount of equity is safe and anything over that is at risk. So a bankruptcy can be as short as 45 days and as long as 5 years and longer if the attorney knows what they are doing. In short there is no way of knowing unles you know the situation for the person filing bankruptcy and then the best person to talk to is a bankruptcy attorney.


Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://milwaukeebailout.com
0 votes Thank Flag Link Fri Jan 15, 2010
It depends on your state, but generally a successful bankruptcy filing will stay a foreclosure proceeding. The terms/length/etc will be up to the bankruptcy court, but there would be some time period before anything could be done with the house, and some relief time period granted to the homeowner. As always, it is best to consult an attorney for legal advice.
0 votes Thank Flag Link Fri Jan 15, 2010
That really depends on if there are other issues the owner has, how quickly the lien holder responds and how quickly the court is able to get to the file. Best way is to have your agent stay in touch with the listing agent for status. A bankruptcy usually postpones the foreclosure process...not necessarily is the home foreclosed if BK is filed. Lenders usually have their attorneys continue the foreclosure procedure whenever possible. The homeowner will get notices of dates and events that's going to happen. Once the title is changed to the lender, at that time, the foreclosure is complete.

Alisha Chen
0 votes Thank Flag Link Fri Jan 15, 2010
Not necessarily. When individuals file for bankruptcy, that can protect them from losing their home in some instances. If they are not behind on the mortgage payments, then there is no danger of foreclosure. Sometimes people just get overwhelmed with other bills, such as medical payments. If someone has an accident or bad illness and does not have insurance, the medical bills and be astronomical. In that case, a lot of people file for bankruptcy.

It can take banks a year or more to foreclose on a property. Just keep that in mind.
0 votes Thank Flag Link Fri Jan 15, 2010
Bankruptcy just delays the foreclosure - it takes months to get a bankruptcy judge to rule on the sale or foreclosure of the property - its just buying time for the occupants!

Bill Wootan
Web Reference: http://www.billwootan.com
0 votes Thank Flag Link Fri Jan 15, 2010
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