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Hello, Here are the facts After chaper 7 bankrupcy has

 
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  • Answered by:ctlawyer
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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

Submitted: 1197 days and 4 hours ago.
Category: Legal
Value: $38
Status: CLOSED

Accepted Answer

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Expert:  ctlawyer replied 1197 days and 3 hours ago.

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,.

Expert TypeAttorney
Category: Legal
Pos. Feedback: 100.0 %
Accepts: 135
Answered: 1/1/2010

Experience: over 15 years practice experience in real estate and business matters;

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