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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I live in Tampa, Florida and my house is set to go to forclosure

Resolved Question:

I live in Tampa, Florida and my house is set to go to forclosure sale tomorrow. The mortgage is in my name and my husband, with mine being listed second. I am going to file Ch 13 in order to save my house. Can I file as an indivicual and stop the sale or do my husband and I both need to file?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

As soon as a Bankruptcy is filed, the automatic stay will suspend foreclosure proceedings. Those proceedings must stop - at least temporarily - if only one spouse files or if both spouses file, as long as the filing spouse's name is XXXXX XXXXX mortgage or deed. It does not matter if the filing spouse's name is XXXXX XXXXX the mortgage.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
Based on my research I need to apply for Ch 13, not Ch 7 correct? Basically I want to save my house from forclosure.
Expert:  cfortunato replied 5 years ago.

With a Chapter 13 the lender will be forced to allow you to pay the arrears over a 5-year period, in addition to the regular mortgage payment. If you can afford to pay this, you will be able to keep the house.
A Chapter 7 can only stop the foreclosure temporarily - until the lender files a motion asking for the stay to be lifted, or until the Bankrutpcy case is closed (around 6 months after filing).

So yes - to keep your house, you would have to file a Chapter 13.