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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 17134
Experience:  B.A.; M.B.A.; J.D.
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I've been battling foreclosure on my home since 2006. I haven't

Customer Question

I've been battling foreclosure on my home since 2006. I haven't made a payment since the end of 2008. They are now threatening to sell at auction on May 5, 2016. I've tried modifying and short selling neither worked out. is there a way to postpone the sale as in Adverse possession laws or squatter right loops?
Submitted: 6 months ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 6 months ago.
Adverse possession or squatter rights will not be applicable here since you entered the property through your mortgage financing. You may want to look into filing Chapter 13 bankruptcy. . Once you file, you must give a Notice of the Bankruptcy Case Filing to the person handling the foreclosure for the lender. It is very important that the bankruptcy not be filed too early because if it is filed too early, the bank could go to Court and get permission from the bankruptcy Court to proceed with the foreclosure as scheduled on May 5th. However, if the bankruptcy is filed with several days of the the scheduled foreclosure sale date, the lender would not be able to schedule the foreclosure date for at least another month because the lender must file Motion for the Automatic Stay and obtain permission of the bankruptcy Court to proceed with the foreclosure. You must be given a notice of the Motion so that you can respond and oppose it. So, the Court may not grant the lender permission to foreclose on the property and you can use this time to try to work on loan modification. Chapter 13 is a wage earner's plan. This means that you must have income to fund the Chapter 13 plan. You must also meet the debt limits. Any individual, even if self-employed or operating an unincorporated business, is eligible for Chapter 13 relief as long as the individual's unsecured debts are less than $394,725 and secured debts are less than $1,184,200. These amounts are adjusted periodically to reflect changes in the consumer price index. In Chapter 13, the debtor prepares a payment plan and makes payments to his/her creditors on a 3 or 5-year plan. If the debtor's income is equal to or less than the current income guidelines for his/her family size in his state, the debtor would do a 3-year plan. However, if the debtor's income is more than the current income guidelines for his/her family size in his state, he would do a 5-year plan. His mortgage arrears and unsecured debts would be paid through the Chapter 13 plan. His future mortgage payments would be made to the lender. The filing fee for Chapter 13 is $310.00 You can use the following sites to find local Bankruptcy Attorneys: Kindly give a positive rating to my response so that I can receive credit for responding to your post. There is no additional cost to you for doing this. Thank you for your cooperation.

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