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Bankruptcy Foreclosure
Q. I anticipate having to foreclose on property worth between $50K and $75K. The mortgagee has said that if I foreclose he may just have to file for bankruptcy to protect his interests. He owes me $41500 and he owes overdue real estate taxes of $7K. If I go ahead and start foreclosure and he files for bankruptcy, how will that affect the foreclosure proceedings. Will I get the property returned to me if I want it, or will some installment payment plan be foisted on me and he keeps the property? How long can this drag on?
A. headway I have learned that If he files bankruptcy after you forclose you get preference. However different states vary. You can on your own get a copy of the local rules and see what they say. You may need to consult a real estate lawyer. There is a great amount of legal info on the net and as a beginner you might try the lectric library, and tell the head librarian I sent you. He is wierd but a good sense of humor. I think he and his brother offer some exceptional legal humor. It depends largely on what type of bankruptcy files, a Chapter 7 or Chapter 13. If he files a Chapter 7, has has 45 days to either reaffirm (agree to repay the debt) or he must turn over the property to you. Failure to do so will be sufficient grounds for you to file a motio for relief from stay and continue the foreclosure process. If he files a Chapter 13 and elects to keep the property, you arrearages will be paid back over a 3 to 5 year period. He must also remain current on the payments tha come due after the filing of the bankruptcy. Failure to do so is also grounds for a motion for relief from stay.
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