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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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If my house is pending a forclosure sale and then I file for

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If my house is pending a forclosure sale and then I file for bankruptcy:
1) Does that stop the house from going on foreclosure sale?
2) Does filing for bankruptcy works negatively for the home owner, if they are working with the bank on a loan modification?
3) If item 1 cannot stop the forclosure sale, what options do I have to delay this process while I am working with the bank towards a loan modification? and how do I do that?

So sorry to hear of your dilemna. I will strive to provide you with legal information to assist you.

I am a Florida lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information on this open and nonconfidential forum.

Absent a voluntary forbearance/modification by the lender, a Chapter 13 bankruptcy appears to be the only alternative at this point to keep your house.

A Chapter 13 bankruptcy would immediately stop the foreclosure action. It could permit you to set up a plan to reinstate your mortgage arrearages. In other words, it could allow you to pay the arrearage over a 5 year period.

The Chapter 13 bankruptcy may also be used to strip away the 2nd mortgage if the first mortgage equals or exceeds the value of the property.

It would be best to retain an attorney. If you cannot, you will want to purchase the forms on line and file them yourself prior to the sale. After you file the petition, you will need to notify the plaintiff.

If you would like additional details concerning my answer, please click REPLY and I will be happy to respond. Do not click relist as it will delay my response. Otherwise please click ACCEPT so that I receive credit for my work
Customer: replied 6 years ago.

Sorry for the delay. I wasn't able to access the computer until now.


The follow up question I have is, at this point in time should persue the modication first or bankruptcy first. Which one provides me with the best alternative?

Typically the modification should be negotiated first. Once you file bankruptcy, the lender will not be able to negotiate with you directly
Ellen and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.

Great answers. I now have some direction to follow.