Can the bank auction my properties if I obtain a bankruptcy letter? 19 Answers as of March 03, 2014

I have loans with the bank that I’m unable to repay. Will they be able to auction my properties if I obtain a bankruptcy letter?

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
If you file for bankruptcy, that will stop the sale. You need a ch13 bankruptcy to catch up on the past due mortgage payments. You need to see a lawyer about this.
Answer Applies to: California
Replied: 2/28/2014
Stuart P Gelberg
Stuart P Gelberg | Stuart P Gelberg
Filing bkry stays all collection actions. What is a "bkry letter"?
Answer Applies to: New York
Replied: 3/3/2014
Law Offices of A. J. Mitchell, LLC
Law Offices of A. J. Mitchell, LLC | A. J. Mitchell
You need to seek counsel from an experienced bankruptcy attorney. Most offer an initial free consultation. Depending on your financial circumstances and ability to sustain a payment plan, you may be able to save some of your properties.
Answer Applies to: Georgia
Replied: 2/28/2014
A Fresh Start
A Fresh Start | Dorothy G Bunce
What is a bankruptcy letter? If you file bankruptcy, you obtain a certificate of filing, not a mere letter. Bankruptcy can stall a foreclosure but unless you resolve the issues you have with your lender, the foreclosure can and will come back to bite you. Please proceed with an experienced attorney so you don't shoot yourself in the foot.
Answer Applies to: Nevada
Replied: 2/28/2014
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
I am not sure what you mean by "bankruptcy letter". Do you mean if you file bankruptcy? If you are not paying on the mortgage loans, the mortgage company can either, a) obtain relief from the automatic stay and foreclose on your home, or b) wait till you get your discharge in the Chapter 7 then foreclose on your home. They have every right to foreclose. You will not have not have any personal liability for these mortgage loans, but nonetheless, the mortgage company can foreclose on the home.
Answer Applies to: Colorado
Replied: 2/28/2014
    Law Offices of Daniel J Winter
    Law Offices of Daniel J Winter | Daniel J Winter
    There is no such thing as a "bankruptcy letter". If you mean a bankruptcy stay notice that a case has been filed, a bankruptcy at least temporarily stops a foreclosure auction. Call a bankruptcy lawyer now to discuss your options, before it is too late to stop the sale.
    Answer Applies to: Illinois
    Replied: 2/28/2014
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    Not sure what a bankruptcy letter is. If you file bankruptcy then you are protected by the automatic stay of the bankruptcy code from any creditors selling your assets until they file a motion for relief.
    Answer Applies to: New York
    Replied: 2/28/2014
    Law Office of Marlin Branstetter
    Law Office of Marlin Branstetter | Marlin Branstetter
    If you are asking if the bank can foreclose on real estate if you file bankruptcy the answer is yes. The bankruptcy will delay the foreclosure until the bank obtains permission from the court to foreclose. This type of permission is usually granted.
    Answer Applies to: California
    Replied: 2/28/2014
    Kirby G. Moss PC | Kirby G. Moss
    If you file bankruptcy, you'll have to declare whether you want to keep or surrender those things that are covered by a security agreement with the bank. If you haven't been able to pay on them, the bank is likely to want them back so they can dispose of them and trim their losses. So while the bankruptcy may delay temporarily the sale of those items, under most situations, the bank will eventually be able to sell them.
    Answer Applies to: Indiana
    Replied: 2/28/2014
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    If you file a bankruptcy case, the automatic stay takes effect which prohibits any collection actions by creditors, including sale of properties that you have an interest in. However, if the bank you are referring to has already foreclosed on your property before you file your bankruptcy case, then yes they can proceed to auction.
    Answer Applies to: California
    Replied: 2/28/2014
    Lynch Law Offices, P.C. | Roseanne N. Lynch
    Eventually the bank will take the property if you cannot pay for it but the Bankruptcy could slow down the process.
    Answer Applies to: Illinois
    Replied: 2/28/2014
    Danville Law Group | Scott Jordan
    No. If you file for bankruptcy protection, the Sec. 362(a) automatic stay will apply and the bank will have to stop any foreclosure attempt. However, the bank will probably file a Motion from Relief from Stay. If you cannot pay the mortgage payment or make up the arrears in a Chapter 13 bankruptcy, the Judge will probably lift the stay and allow the bank to foreclose. I suggest you contact a local reputable bankruptcy attorney to explain your options.
    Answer Applies to: California
    Replied: 2/28/2014
    Moore Taylor Law Firm, P.A.
    Moore Taylor Law Firm, P.A. | Jane Downey
    Bankruptcy will stay the foreclosure so you can reorganize payment of the arrearage or debt.
    Answer Applies to: South Carolina
    Replied: 2/28/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    In general, filing bankruptcy discharges the debtor's obligation to pay the creditor. However, depending on whether the debtor is an individual or business the debt may or may not be liquidated by the bankruptcy trustee to pay creditors.
    Answer Applies to: Nevada
    Replied: 2/28/2014
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    What is a bankruptcy letter? If you have assets that you wish to protect the only realistic options for you will involve retaining an experienced lawyer to assist you. You may be able to save your properties from foreclosure by filing for personal bankruptcy, but there are too many missing and important details to know for sure.
    Answer Applies to: Colorado
    Replied: 3/3/2014
    Garner Law Office
    Garner Law Office | Daniel Garner
    If you file bankruptcy before the auctions occur, it will stop the pending sales until the bank is able to get permission from the bankruptcy court to foreclose on them. A bankruptcy thus would postpone foreclosure by at least 30 days and probably much longer.
    Answer Applies to: Oregon
    Replied: 2/28/2014
    Law Offices of Eric W. I. Anglin
    Law Offices of Eric W. I. Anglin | Eric W. I. Anglin
    If you file for bankruptcy protection then you will be able to delay the sale of property while you try to figure out how to save the property. It will depend upon which chapter you file under.
    Answer Applies to: Indiana
    Replied: 2/28/2014
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    If you have properties with equity, you need to be very careful that you file under the correct chapter if you want to keep your properties. A bankruptcy filing does automatically stop a foreclosure sale (auction).
    Answer Applies to: California
    Replied: 2/28/2014
    Steele, George, Schofield & Ramos, LLP
    Steele, George, Schofield & Ramos, LLP | Alan E. Ramos
    I don't know what a "bankruptcy letter" is. If you mean a letter from an attorney that you intend to file a bankruptcy petition, that will not stop a foreclosure. The only way to stop a foreclosure is to actually file a bankruptcy petition or to obtain a Temporary Restraining Order from the Superior (State) Court.
    Answer Applies to: California
    Replied: 2/28/2014
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