Legal Question in Real Estate Law in Missouri

what do I if file bankrupt a home was involved which is going up in foreclosure what do i do i do want to keep the home

Asked on 6/12/13, 4:47 pm

1 Answer from Attorneys

Anthony Smith LawSmith

Your bankruptcy attorney should explain the limitations on the lender. Whether, and how, you can prevent a foreclosure depends a lot upon the chapter of your bankruptcy filling. You can avoid the debt in almost all chapters, but a chapter 7 may not prevent the lender (or note holder) from foreclosing on the property. By law, you get to retain some equity. But, few properties being foreclosed have any equity. If you do, you may be able to borrow, to pay off the current mortgagee. You need to go over your questions with the attorney representing you in the bankruptcy. If there has already been a discharge, and your attorney did not explain that the lender can still foreclose, you may need to pursue a malpractice claim.

Good luck

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Answered on 6/12/13, 9:14 pm

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