505 East Jackson Street-Suite 303 - Tampa, Florida 33602
Phone: (813) 387-7724 - Fax: (813) 387-7727
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505 East Jackson Street-Suite 303 - Tampa, Florida 33602 Phone: (813) 387-7724 - Fax: (813) 387-7727
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Knowledge Is Key To Buying and Selling Real Estate By Attorney Miriam L. Sumpter Richard
WHAT TEN(10) EVENTS CAN I EXPECT IF I FILE BANKRUPTCY AND I HAVE A MORTGAGE DISPUTE OR FACE FORECLOSURE? Definition Reminder: the mortgagee is the creditor and the mortgagor is the debtor. First and foremost is the automatic stay. Upon the filing of a voluntary bankruptcy, federal law imposes an automatic stay which prevents the mortgagee or any lienor from even recording a mortgage, much less continuing any foreclosure action. Simply put, every thing comes to a halt. The creditor may seek to lift stay and if so, the debtor must establish the necessity of the property or the trustee must establish that they have no interest in the property. Second - If a state court action is pending, the debtor should file a suggestion of bankruptcy. Third - Attend the 341 meeting also known as the meeting of the creditors. Here, the debtor meets with the trustee to review the debtor’s schedules. Fourth - the mortgagor/debtor cannot change the mortgage on the principal residence of the debtor. Fifth - The debtor can see to value the property. Sixth - If the mortgagee or creditor files a proof of claim, the debtor must review it and if necessary file an objection. Seventh - The debtor may challenge the extent and validity of the mortgage or for that matter any secured interest on the property. Eighth - The mortgagor/debtor must continue to pay the monthly payments on the property, keep current on the taxes, maintain insurance on the property and pay the trustee the plan payment. Ninth - The debtor must comply with the terms of the mortgage. Tenth and final, the debtors may still sell the property free and clear of the mortgage lien. You can file bankruptcy without a lawyer. However, you must know the bankruptcy law and the bankruptcy strategies.
For More Information Contact: Tel:
(813) 387-7724
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