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15.01.2015
The bankruptcy case terminates your legal liability on the secured debt as in a car loan or house loan but it does not remove the lien that was posted against the property when the loan was given. This is a difficult legal concept for many people to understand.
A lien is a form of security interest granted over an item of property to secure payment of a debt.
In legalize, the bankruptcy removes your In personam (personal) legal liability for the debt but the lien holder is permitted to pursue a foreclosure In rem (against the property). Pennsylvania law requires lenders to go through the court system to take back ownership of the property. It is very important for a homeowner to realize that they are the legal owner of the property until the property is back in the possession of the bank. Recently, I began receiving letter after letter from various readers who are currently facing potential foreclosure.
Confronting the possibility of foreclosure can be traumatic and demoralizing, so having a clear understanding of the actions involved and the steps taken prior to the event is essential. Granted, a variety of laws surround the foreclosure process and most are complicated, detailed and vary within each state, you do have several fundamental and simple options at your disposal.
Keep in mind that each step is closely related; however, the time line and days needed for each step are dependent on the state you are currently residing in.
The moment you no longer meet your monthly obligation, your lender will begin the foreclosure process. With the continuation of failing to abide by your obligation, you will experience a steady increase regarding official notices and phone calls.
Under normal circumstances, mortgage lenders permit three months to pass prior to beginning the foreclosure process, but it is not uncommon for lenders to allow additional time to pass. As a general rule this process takes place over a 30 day time-frame; however, it is important to confirm the exact time-frame you are given within your state of residency. If you opt to ignore the hearing, the only option the judge will have is to grant the foreclosure to the lender who will, in turn, may make the choice to put your property up for auction. Once your home has been purchased at auction, you then have 15 days to remove your property and vacate the premises. A foreclosure that has reached this point is typically stressful and frightening for individuals who find themselves in the middle of an experience of this kind. The good news is that options are available that will either help you stop the entire process, or, at minimum, postpone it for a while.


This becomes a reality once you understand the various trade secrets lenders and financial institutions do not want to disclose.
Note: This article is for informational purposes only and is not intended to be a substitute for professional legal advice. Mortgage foreclosure numbers continue to tumble in Washington County, Minnesota as they’ve dropped to an all-time decade low, according to information released from the County Board on March 10. The number of foreclosures recorded in 2014 was 395, down from a county-wide high of 1,258 in 2008. The number of foreclosures in 2014 marked the 4th consecutive year that Washington County saw a drop in its mortgage foreclosure numbers and in the past decade, only 2005 had a lower foreclosure rate with a total of 246. Available on the county’s website, the map indicates that the most home defaults in the last year occurred in Cottage Grove, where 81 mortgage foreclosures were recorded. Cyndy Boyce from the county’s Property Records and Taxpayers Service is optimistic that foreclosures can and will continue to decrease to normal levels in the coming years as the economy in Washington County continues to see improvements.
Previous Post: Important Home Foreclosure Laws To Be Aware OfNext Post: Are You Being Baited by a Catfish? If only the same could be said about rural Oregon where the times are rough in a lot of small towns in Eastern and Southern Oregon.
A bankruptcy wipes out unsecured debt, any debt that is not a loan against a tangible asset, as in a car or house. A secured debt that is attached to a car or house will survive the bankruptcy because the secured debt has a lien against the car or house. For instance, a mortgage is a consensual lien imposed by a contract between the bank (creditor) and the homeowner (debtor). However, a bankruptcy prevents the lender from pursuing you personally to pay the mortgage loan or car loan, which has a lien on your house or car.
They all have one common question; what is involved during the process of foreclosure and what does it mean? If retaining your property and remaining there for years to come is important to you then understanding these facts are important.
Continue to read and I will walk you through each step and you will have a comprehensive understanding of what is involved.


Typically, the next step involves the forwarding of a notice regarding late payments, by the lender, within 14 days after missing a payment.
At the end of this time-frame, delivery of a summons or notice of foreclosure through an intricate administrative and bureaucratic process will occur.
If you should opt to appear at the hearing, your chances of failing are somewhat high since failing to meet your obligation is what got you there in the first place. At this point, the process moves rather quickly and in certain cases may take place in as little as seven days. Should you disregard this situation, you will be forcibly removed by the local sheriff and you will find your belongings outside on the sidewalk.
If you have knowledge on your side, you have the capacity to prolong the process for several years. After the height of the recession and housing foreclosure crisis that occurred from 2008 – 2010, the foreclosure rate in Washington County has since been dropping, getting to 589 in 2013.
That information is compiled and placed on a map that county and city officials can use to see where, and how many, foreclosures are being recorded.
The lien is recorded at the county recorder’s office in the town or region where the property is located. Once there, I honed in on bankruptcy law and was a scholarship recipient for “Securities Regulation.” I followed that with an internship at the Boston Stock Exchange and a clerkship for McGarthy & Ged. Now, appearing at the court hearing, which takes place within your area’s circuit court, becomes your choice.
If your monthly payments are not met, under the law, this is classified as a breach of contract.
Additional burden is added as you are attempting to locate new lodging and a storage unit for your belongings.
It is possible they have programs for individuals facing financial difficulties or may present a suggestion which will allow you to make new arrangements regarding your payments.



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