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Hello,Here are the facts:After chaper 7 bankrupcy has been filed, mortgage has not been reaffirmed, Banckrupcy judges descision was to not allow reaffirmation of mortgage. Mortgage has been unpaid for past 6 months. Mortgage holder has a security lien on the property. What is the procedure for mortgage holder to sieze the property as a lien holder. Is this a different procedure then a regular forclosure?Please advise, NJ Homeowner
Lender has to foreclose under state law, but they cannot do this as long as the automatice stay of the BR still applied, so they either need relief from the stay or for the discharge to enter and the BR case to be closed. If that has already occured they can foreclose under regaular state law procedures,.
Experience: over 15 years practice experience in real estate and business matters;