A creditor violated the automatic stay by foreclosing on property to which a debtor had an arguable claim of right, the 5th Circuit has ruled. The debtor's wife purchased a parcel of land in Texas but fell behind in her payments. After the seller assigned the note, the assignee set a date for a foreclosure sale.
When homeowners are confronted with impending foreclosure, they often will file for bankruptcy. The act of filing for bankruptcy causes an "automatic stay," which stops creditors from taking action, thus preventing a foreclosure, said Michael Sousa, assistant professor at Denver University's Sturm College of Law.
A bank seeking to proceed with a home foreclosure lacked standing to obtain relief from the automatic stay entered in the homeowner's bankruptcy case, the 10th Circuit has ruled in reversing judgment. The bank brought a foreclosure action against the homeowner and a state court issued an order authorizing the sale of the homeowner's property. The homeowner responded by filing a Chapter 13 bankruptcy petition. The automatic stay entered in his case halted the foreclosure proceedings.
....23 for their willful violation of the automatic stay. The sanctions are based on an earlier order... continuing to prosecute a state-court foreclosure action against the Debtor's residence post-petitio...
We are behind three months on our home mortgage payments due to illness and unemployment. The mortgage loan servicer has been very uncooperative when we tried several times to make partial payments. Last week the loan servicer began the foreclosure process by recording the legal documents. So far we have heard from three lawyers who specialize in bankruptcy. They tell us to file bankruptcy to stop the foreclosure. Is this a smart decision? Filing either Chapter 13 bankruptcy reorganization or Chapter 7 "straight" bankruptcy will delay the foreclosure sale of your house. But the auction will eventually occur unless you reinstate the mortgage, refinance it, or sell the house. When you file bankruptcy, an "automatic stay" stops creditors from collection efforts, including a foreclosu...
(This article originally ran in the Wisconsin Law Journal, Milwaukee, WI, another Dolan Media publication.) Serial bankruptcy filing can occur a number of ways. One scenario involves an individual who commenced a Chapter 7 or 13 prior to the foreclosure of a mortgage on that person's home. An automatic stay would immediately halt the foreclosure proceeding.
... at various stages of the mortgage foreclosure process, consisting of the following: . The so-cal... the foreclosure, it will trigger an automatic stay of the foreclosure action, requiring the purc...
... the debtor's motion to cancel a foreclosure sale. We affirm. . ..., she filed a motion to "extend [the automatic] stay pursuant to 11U.S.C. § 362." Although no st...
...: (1) denying her motions to renew the automatic stay and prevent foreclosure; (2) affirming the ba...
...: (1) denying her motions to renew the automatic stay and prevent foreclosure; (2) affirming the ba...
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