How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TJ, Esq. Your Own Question
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12250
Experience:  JD, MBA
Type Your Bankruptcy Law Question Here...
TJ, Esq. is online now
A new question is answered every 9 seconds

I filed Chapter 13. I have 4 subdivided lots, separate tax

Customer Question

I filed Chapter 13. I have 4 subdivided lots, separate tax bills, etc. Lets say they are 1,2,3, and4.

My address is on Lot 3. (So is the house.) When the lender started foreclosure proceedings, they only put Lot 3, have been paying taxes and insurance, andhave let the taxes go on the other 3 lots.
If there was a foreclosure sale, would it only affect this lot?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 6 years ago.

Hello and thank you for allowing me the opportunity to assist you.

If you have 4 separate mortgages for the 4 different lots, then the lender will have to foreclose on each separately. However, if you have one mortgage that covers all 4 lots, then the lender may foreclose on all 4 lots. The botXXXXX XXXXXne is that the lender pays the taxes to prevent a tax lien, and it pays the insurance to protect the collateral. The fact that the lender paid or didn’t pay those expenses, however, has nothing to do with its legal right to foreclose.

If the information that I provided is helpful, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!

DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.

TJ, Esq. and other Bankruptcy Law Specialists are ready to help you