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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Hi, I have a question about a property that my husband owns

Resolved Question:

Hi, I have a question about a property that my husband owns in Pennsylvania. He filed bankruptcy qhite some time ago and is surrendering the home in the process as most of the debt was tied into the home due to refinancing etc...So, we decided that we would purchase a new home with a more reasonabe mortgage in my name since I am not on the mortgage of the property owned in Pa. and have decent credit. Since we moved out about two months ago we understand it can possibly take quite some time for the process to get under way and it doesn't seem likely anytime soon-the precise time for the sheriff sale to occur is unclear however we don't want to have to keep dealing with taking care of or investing in the property since we moved about an hour away. At the same time we are responsible for the property ie-mowing the lawn, taking care of snow, and maintenance etc..until the sale occurs. We talked to my husband's bankcruptcy attorney and understand that renting the place out is still an option as long as the prospective tenants are aware of the situation etc..Now what we are trying to understand is this..is there a way for a person to rent the property from us until sheriff sale and then to place a bid on and hopefully purchase the property when it goes up for sale without having to move?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 5 years ago.
Welcome!


Welcome to JustAnswer and thank you for the opportunity to provide you with information..


This depends - can you please tell me whether the lien holder has refused to take a deed in lieu or take title in the bankruptcy.

Thanks!

Customer: replied 5 years ago.
Sorry to sound unintellegent on the subject but how would I know because I'm not sure?
Customer: replied 5 years ago.

There was no settlement or agreement between my husband and the bank so as far as I the bank did refuse to take the title in the bankruptcy because he still is considered the property "owner" until sheriff sale ever occurs.

Expert:  Ellen replied 5 years ago.

I am working on your answer. One moment please.
Expert:  Ellen replied 5 years ago.
Thank you for your patience. If my answer is not clear to you, please ask me for clarification by using the reply button.

Your question:
is there a way for a person to rent the property from us until sheriff sale and then to place a bid on and hopefully purchase the property when it goes up for sale without having to move?

Answer:
Yes. Since your husband remains the title holder of the property, he may lease the property and the lease would stay in effect after the foreclosure sale. Here's why

Under the Helping Families Save Their Homes Act, an occupant of a foreclosed home has 90 days after the sale to vacate unless the occupant has a lease. If the occupant has a lease, the lease continues after the foreclosure sale.

I hope that it helps to know this information

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