If I am unable to pay my mortgage after bankruptcy, how long will the bank take to start proceedings to foreclose?
Question Details:
I filed bankruptcy 3 years ago. My home was not to be included but evidently was. Bank statements now read, "To the extent your original obligation was discharged, or is subject to an automatic stay of bankruptcy under Title 11 of the US code, this statement is for compliance and/or informational purposes only and does not constitute an attempt to collect a debt or to pose personal liability for such obligation. However creditor retains rights under its security instrument inluding the right to foreclose its lien."
They can start to foreclose immediately pursuant to laws of your state and whatever the terms and conditions of your Note and Deed of Trust are. This has nothing to do with bankruptcy law at this point.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
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