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Ellen
Ellen, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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I filed Chap 7 Bankruptcy 2 years ago - final discharge date.

Resolved Question:

I filed Chap 7 Bankruptcy 2 years ago - final discharge date. Minnesota
Foreclosure on property followed 1 year later - sheriff sale. Minnesota
Property was puchased in 2 sections. Home with a mortgage then bought an attached small acerage with buildings contract for deed. Refinanced home and paid off contract. Combined tax land descriptions into one at some point and refinanced a couple of more times with 1st and 2nd mortgages.
Odd circumstance. 1st n 2nd mortgages listed only the home as secured property. After sheriff sale the land was split off. Apparently I still own that free and clear!

Questions:
Will owning the land impact my bankruptcy in any way? At the time I honestly believed I was listing / disclosing all my real property. Do I need to ammend and risk losing this as well?

If i choose to buy the home back (I am searching for a lender who will take me on - income and score much improved - know one?), will the mortgagors be able enforce the liens on me if I now own the home again? by the way - the well is on my land.
If I understand your last answer to me before, I believe they can. Any way to get them to release me from the liens?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 5 years ago.
Hello,

Thank you for your question. I am happy to assist you.

I am a lawyer with 25 years experience. While I am not your lawyer and do not represent you, I will endeavor to provide you with legal information through this open and nonconfidential forum.

The law appears to be very much in your favor

Questions:
Will owning the land impact my bankruptcy in any way? At the time I honestly believed I was listing / disclosing all my real property. Do I need to ammend and risk losing this as well?
At the time you filed your bankruptcy petition you listed all of your assets and liabilities truthfully to the best of your knowledge and therefore the later discovery of the error would not typically impact your bankruptcy. Once you disclosed your assets and your debts, the bankruptcy trustee was charged with determining the validity of the security interests and therefore cannot now typically reopen your bankruptcy on this basis

If i choose to buy the home back (I am searching for a lender who will take me on - income and score much improved - know one?), will the mortgagors be able enforce the liens on me if I now own the home again? by the way - the well is on my land.
Since the property has already been sold in the sheriff's sale, you should be able to obtain clear title (title without the liens). You will want to obtain title insurance at closing to ensure that the title is clear

 

Ellen and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.

Am I at risk of fraud with the bankruptcy? I honestly thought I had listed everything.

Also - now the bank is trying to say that they should have all the land as well as the house. What are their chances of proving this? Was it their mistake or mine? I just read the refinance mortgage prior to theirs and I received enough money cash out at the time of that loan to pay the contract for deed off in cash. The land was not included with the home on that mortgage, I am assuming it was not needed for the last one either. Please help. This is getting complicated!

Expert:  Ellen replied 5 years ago.
You did not commit fraud as you listed all of your assets. That said I suggest that you not have any correspondence or contact with the bank. if the bank files suit you will want to retain bankruptcy litigation counsel
Ellen and 3 other Bankruptcy Law Specialists are ready to help you

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