Posted on: 02nd Aug, 2010 07:46 pm
My parents filed for Bankruptcy in June and it will be final at the end of the month. The house I reside in is a mobile home and it is in my mother's name and was included in the filing. Can they reposses the house at any time or does the bank have to give us some type of warning? My husband and I are trying to work with the bank to buy the home, but I am afaid they will just show up one day and take it while I am at work!!!!!!! So do they have to wait till the bankruptcy is final before they can pick up the mobile home and/or do they have to give some type of notice ie a date to pick up???????
Hi kwoens!
Welcome to forums!
Your parents have to surrender the property to the lender. Once they do so, the lender will initiate the foreclosure process. As far as I know, the lender will send you a foreclosure notice. After the foreclosure sale is over, you would receive an eviction notice and you would have to leave the property within the given period of time as mentioned in the notice.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your parents have to surrender the property to the lender. Once they do so, the lender will initiate the foreclosure process. As far as I know, the lender will send you a foreclosure notice. After the foreclosure sale is over, you would receive an eviction notice and you would have to leave the property within the given period of time as mentioned in the notice.
Feel free to ask if you've further queries.
Sussane