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dylatess
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4665
Experience:  35 plus years of experience specializing in bankruptcy law
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I am married. Own a home that is in foreclosure. Having a hard

Customer Question

I am married. Own a home that is in foreclosure. Having a hard time with the bank getting a loan mod (I know they will award it), but there is a sale date (the 9th of next month). If I were to add my wife to the title and then she were to file BK (which she is about to do in the next few weeks), would that be sufficient enough to delay the BK? She'll be filing Chapter 7. The house is WAY underwater. I am in florida

Thanks.
Submitted: 11 months ago.
Category: Bankruptcy Law
Expert:  dylatess replied 11 months ago.

Over 34 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions.

 

yes that is a solution as the bank would have to go into bankruptcy court and obtain what is known as a relief from stay action sot that they can complete the foreclosure. Likewise, as a result of the BK filing, the foreclosure is stopped temporarily until the bank obtains their court order from the BK court. Note, if you do go this route, make SURE that the bank is provided written proof that a BK has been filed. Also, this is only a temporary remedy and it is still a race between the bank moving forward and you getting a loan modification.

Customer: replied 11 months ago.


I just need a few extra days. There is a lien on the property that is unrelated to the loan and we are trying to have it stripped. It WAS included in a BK7 from the loan holder, but for some reason, it attached to title. the current mortgage holder is screwing the pooch and making this very difficult.


 


Without holding you to an answer, how long is typical remedy for them? Week? Two? Month? Days? Thanks

Expert:  dylatess replied 11 months ago.
All depends on how aggressive is the lender. Typically the delay is about 60 days.
Customer: replied 11 months ago.


Oh. Way more time than I need.


 


And although I can imagine this is frowned upon, adding someone to title and then filing 7BK is not against the law? She is filing anyways next month, we could just move the process along a little more quickly to remedy this situation.

Expert:  dylatess replied 11 months ago.
As long as she was planning on filing, ie, she has a need to file other than to help you with delaying the foreclosure, it is not fraud.
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4665
Experience: 35 plus years of experience specializing in bankruptcy law
dylatess and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 11 months ago.


She absolutely does. Lost a lawsuit in June.


 


I mean, we want to keep the house, we are married, got married right after I bought it almost five years ago... so I don't believe there is anything too screwy.


 


Thank you.

Expert:  dylatess replied 11 months ago.
Please be so kind as to rate my answer ok or better so that I am compensated for assisting you. Otherwise I am not paid.

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