If our house went into foreclosure and the sale date is past but we are filing Chapter 13, will this help extend our redemption period?

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If our house went into foreclosure and the sale date is past but we are filing Chapter 13, will this help extend our redemption period?

Asked on April 3, 2012 under Bankruptcy Law, North Dakota

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The redemption period won't be extended; however, the time to reaffirm the debt could be after the bankruptcy or you can work with the lender despite the automatic stay from the court (you or the lender would have to seek permission from the court to negotiate). Doing this will help you figure out a way to either obtain a modification and continue to pay the mortgage and motion for the court to take out this debt from your list of debts or restructure the loan to do the same thing.


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