Legal Question in Bankruptcy in Illinois

foreclosure after Bankruptcy

We filed bankruptcy and still make mortgage payments. But, we are behind a couple months and my mortgage company said if I did not have all past due money in July, they would foreclose. My question is, what steps will they take and will we have to pay any money if they sell the house for less than what is owed?


Asked on 6/29/05, 4:41 am

2 Answers from Attorneys

Kevin Plachta The Law Office of Kevin F. Plachta

Re: foreclosure after Bankruptcy

Did an attorney file the bankruptcy for you? If so you need to contact him or her immediately. Did you file a chapter 7 or 13? When did you file it? You see there are alot of questions which need to be answered before an informed answer can be given

However, in general if you are behind in your mortgage payments then the mortgage company will start the foreclosure action. They will file a suit and you will be served with a summons. During this entire process you can stop the action by catching up with your payments plus attorney fees and court costs for the foreclosure action. If the foreclosure goes through and the house is sold then you will be responsible for the amount owed after the sale.

If you feel that you are not able to stop the foreclosure by making the payment then I suggest you look into selling the property.

Read more
Answered on 6/29/05, 7:07 am
Charles Dobra Charles Wm. Dobra, Ltd.

Re: foreclosure after Bankruptcy

Your question is really several different questions for a bankruptcy attorney. It sounds to me that you filed a pro se action, and probably a Ch. 7. If you are behind, the mortgage company can file a Motion to Modify the Automatic Stay, and then commence a state court foreclosure action. Hope this answers your question(s). Good Luck!

Read more
Answered on 6/29/05, 9:55 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Illinois