If my home was foreclosed on but not sold due to my filing Chapter 13 and I want to switch to Chapter 7, will the sale of my home happen immediately?

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If my home was foreclosed on but not sold due to my filing Chapter 13 and I want to switch to Chapter 7, will the sale of my home happen immediately?

Asked on October 19, 2013 under Bankruptcy Law, Ohio

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 8 years ago | Contributor

The answer to your question is out of your controll and strictly in the lenders.  The lender must first obtain relief from the automatic stay which is imposed by ANY bankruptcy proceeding.  Then, It's up to them as to when to proceed.  They may have no incentive to move forward if there exists additional costs of ownership to the proerty, such as maintenace, utilities, or homeowners assesments.  Such expenses are typically yours until title tranfers to the lender, which may not be in a hurry to assume the obligation.

 


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