Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
Great question for your BK attorney
The same thing that would happen in any city in the US; the mortgage company will begin a foreclosure action to take ownership of the property.
No.
The buyer still owes the money and must pay the debt.
You are responsible as long as you are the legal owner of the property, Bankruptcy usually discharges certain debts including property related debts. If the mortgage company chose not to exercise their foreclose options then you may still be the legal owner of the property. Depending on the property valuation the mortgage note holder may have determined it more profitable not to proceed with a foreclosure process. Additionally; If fines were already issued prior to a foreclosure, you would still be liable for payment of those fines as well.
Sure.
No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.
Yes, a reaffirmed mortgage needs to reflect the mortgage payment history before, during and after the bankruptcy proceedings. "In Bankruptcy" needs to portray only DISCHARGED BY or INCLUDED IN...Bankruptcy. Contact your mortgage company so that all of your payment history shows on all three bureaus. No. Not if it were a part of the bankruptcy filing. It may or may not be marked included in bankruptcy or reaffirmed in bankrutpcy. It will still remain on the CR for the prescribed time.
Same as a bankruptcy There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
It means that the lender recorded a notice in the land records that the mortgage has been paid. That notice releases the property from the mortgage lien.
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."