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Can either a CH 13 or CH 7 Bankrutpcy save a house that has been foreclosed on in the past week?

Corona, CA |
Filed under: Bankruptcy

The bank has foreclosed on my house a week ago and I am trying to figure out if filing for BK will allow me to get the house back and get current on my payents.

Attorney Answers 4

Posted

No. The time to have protected your property from foreclosure with a bankruptcy was before it was sold, not after. Your rights for relief from foreclosure are governed by CA law, in any event. If you have any basis to set-aside the sale you can do it in state court if your lender will not agree to set it aside.

You should promptly consult counsel to determine if you have any basis under CA law to set-aside the sale. Since those circumstances are few and would require a detailed review of your case by an experienced attorney, you should not expect a such a consultation to be free of charge. Good luck.

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Stephen Ross Cohen

Stephen Ross Cohen

Posted

I disagree, there are also federal rights which may have been violated and I do a lot of work helpping people restructure their loans to keep their houses even after foreclosure. But BK is not the answer

Posted

I agree with Mr. Daymude. I'll add that don't be fooled into filing for a bk to delay these guys, that will end up costing you some $$ and result in nothing.

The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here. Please visit my web site: www.avanesianlaw.com for more information about my services.

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Posted

No, you can't get your home back after it was foreclosed. If you have debts in addition to the house, consider filing for Chapter 7 and moving on.

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Posted

While there *are* times at which you can recover property after repossession/foreclosure, as the above California attorneys point out, foreclosure in California is not one of them.

To get property *back* through bankrtuptcy, as opposed to not getting it taken, you must still have a right to get it back under state law, such as a redemption period on a repossessed vehicle, or (in some states) a redemption period on a mortgage.

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