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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17083
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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What impact can a chapter 13 bankruptcy, just filed, have on

This answer was rated:

What impact can a chapter 13 bankruptcy, just filed, have on a sheriff sale which confirmed 7 months ago ?

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

Customer:

Hello Wallstreet:

WALLSTREETESQ :

a chapter 13 filing should have little bearing on a past foreclosure, unless the sale did not go through,

WALLSTREETESQ :

what would happen is the debtor could discharge or include in their plan and balance owed,

Customer:

Actually the bank purchased it to reassign it to Fannie mae.

WALLSTREETESQ :

It may be possible that if their was any equity left over,

WALLSTREETESQ :

the trustee can try to claim that amount.

WALLSTREETESQ :

I do not see any issues,

Customer:

no, there was a deficiency of about $60K.

WALLSTREETESQ :

The balance left over can be included in the chapter 13 plan,

Customer:

Sounds like I'm SOL ?

WALLSTREETESQ :

yes, if the property was not sold it may be different, but if your name is XXXXX XXXXX deed, your ownership rights to the property are gone.

Customer:

Referring to not sold as not being sold to a third party other than the bank ?

WALLSTREETESQ :

yes, you should check the deed to see if your name has actually been removed,

Customer:

Not yet.

Customer:

It hasn't been changed yet ....

WALLSTREETESQ :

if it has not changed, it may be that you are still the legal owner, and can claim the property as an asset,

Customer:

ok, thank you.

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