Bankruptcy to stop foreclosure

January 30th, 2010 by admin

If you can not pay their property taxes to the city that taxes can foreclose through a sheriff’s sale. Some cities use this option after a year of not paying taxes, while other cities can wait 3 years or more. In addition, any creditor or lien holder can use this option once you default on a loan. However, the back taxes are paid first, then first, second, etc. mortgages are paid before any Leins or judgments can be paid. Normally you will have 3 days in advance. Most banks will begin the eviction process immediately after the bankruptcy to stop foreclosure but the FHA, HUD and VA are generally much slower. If you own rental property, tenants will normally be 30 days in advance. If you need more time given, please contact your lender immediately to request an extension.

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