Posted on: 10th Nov, 2010 07:10 am
I live in Indiana and I received my first notice from the city that my rental house is being placed in a tax sale. I am certain this house will not sell. I understand if it does not sale the house will be relinquished back to my lender. The lender will try to sell it (unsuccessfully) - and then what? They will sue me for what I owe on the home? Other questions I have are: Can the lender freeze my bank account? Will the lender place a lien on the home I live in now? Will they garnish my wages (which i can in no way afford)?
In addition, right at the point of foreclosure, my lender was bought out by another bank. I have heard NOTHING from the new bank regarding this home so I don't know what that means.
Lastly, would it be better for me to file bankruptcy at this point...or some point in the near future? Maybe after the home is released to the bank???
I appreciate any help you can offer. - Thank you.
In addition, right at the point of foreclosure, my lender was bought out by another bank. I have heard NOTHING from the new bank regarding this home so I don't know what that means.
Lastly, would it be better for me to file bankruptcy at this point...or some point in the near future? Maybe after the home is released to the bank???
I appreciate any help you can offer. - Thank you.
Hi kendraz!
Welcome to forums!
Unless the lender sells off the property, it will remain in your name and your will be responsible for the maintenance and property taxes. If the mortgage has been taken over by some other bank, then they will contact you regarding the loan. Unless they send you foreclosure papers, you won't have to worry about it. Though you file bankruptcy, you'll be responsible for paying the taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless the lender sells off the property, it will remain in your name and your will be responsible for the maintenance and property taxes. If the mortgage has been taken over by some other bank, then they will contact you regarding the loan. Unless they send you foreclosure papers, you won't have to worry about it. Though you file bankruptcy, you'll be responsible for paying the taxes.
Feel free to ask if you've further queries.
Sussane