What do I do if the bank filed in court to foreclosure on my homebut itwas included in my bankrupcty?

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What do I do if the bank filed in court to foreclosure on my homebut itwas included in my bankrupcty?

We filed a Chapter 7 that was discharged almost 5 months ago. Our home was included in the bankruptcy and not reaffirmed. We stayed current on the home until the discharge. The bank has now filed a judgement against us.What does this mean? Will we owe money? Should we go to court? Should we speak to a bankruptcy attorney? In Hamilton County, OH.

Asked on July 21, 2011 Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You should first speak to a bankruptcy attorney about a foreclosure of your home after you filed for bankruptcy protection. Bankrupty is complicated. If you filed a re-organization bankruptcy (Chapter 13), the bankruptcy order may have set forth a payment plan with the mortgage company that hold the loan toyour house that it must follow.

If you filed a liquidation (Chapter 7) the mortgage company may have obtained relief from the bankruptcy's automatic stay to foreclose upon your home that is presumably the security for the loan.

Since the home was not part of the discharge, the lender foreclosed upon the house in your question, sold it for a loss and is now suing you for the loss apparently. If the bank has a judgment against you for the deficiency, you would know the dollar amount. I suspect there is no judgnebt yet, you are being sued for a deficiency judgment.

You should contact a good bankruptcy/real estate attorney.

 


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