Posted on: 29th Sep, 2010 02:28 pm
I am listing agent of a client who filed bankruptcy. The case has been discharged and their automatic stay ends on 11/5 and lender will put the property for foreclosure on that day. The property has enough equity but needs more time to sell to pay off the lender. Is it allowed or can borrower pay the past dues to bring the account current to avoid current foreclosure? I called lender many times but their file shows it went to bankruptcy dept and I had to contact them but they also bounce me back and forth getting me lost. Can someone help me with right answer/direction?? Thanks,
Hi irvine,
The borrower can contact the lender and pay off the balance amount in order to avoid the dues. Moreover, if the borrower had filed Chapter7, then he will be able to reopen the bankruptcy, reaffirm the mortgage and pay the monthly payments to save the property.
The borrower can contact the lender and pay off the balance amount in order to avoid the dues. Moreover, if the borrower had filed Chapter7, then he will be able to reopen the bankruptcy, reaffirm the mortgage and pay the monthly payments to save the property.