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Irwin Law
Irwin Law, Attorney
Category: Bankruptcy Law
Satisfied Customers: 6855
Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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I am writing on behalf of someone who received a judgment of

Customer Question

I am writing on behalf of someone who received a judgment of strict foreclosure on a Bridgeport CT primary single family residence. Right before the law day, they filed a Chapter 7 bankruptcy. What are their options now?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Irwin Law replied 1 year ago.
In a strict foreclosure, the court sets the redemption period, which is the time between the judgment and the Law Day. If the home owner does not redeem (pay off the mortgage debt) by the Law Day, they lose ownership of the home. By filing Chapter 7, they used the stay of proceedings under the Federal Bankruptcy Act to postpone the Law Day until the bankruptcy trustee releases the property. The the court will usually set a new Law Day date. Their options are 1) pay off the mortgage entirely by selling the property or by refinancing; 2) working out a reinstatement program to catch up their account. I presume that mortgage lenders will do that, but their CT attorney is the best person to advise on that possibility.
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