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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 11629
Experience:  JD, MBA
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I filed Chapter 13. I have 4 subdivided lots, separate tax

Customer Question

I filed Chapter 13. I have 4 subdivided lots, separate tax bills, etc. Lets say they are 1,2,3, and4.

My address is on Lot 3. (So is the house.) When the lender started foreclosure proceedings, they only put Lot 3, have been paying taxes and insurance, andhave let the taxes go on the other 3 lots.
If there was a foreclosure sale, would it only affect this lot?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 5 years ago.

Hello and thank you for allowing me the opportunity to assist you.

If you have 4 separate mortgages for the 4 different lots, then the lender will have to foreclose on each separately. However, if you have one mortgage that covers all 4 lots, then the lender may foreclose on all 4 lots. The botXXXXX XXXXXne is that the lender pays the taxes to prevent a tax lien, and it pays the insurance to protect the collateral. The fact that the lender paid or didn’t pay those expenses, however, has nothing to do with its legal right to foreclose.

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