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Will a bancruptcy filed at 1:30 pm on a foreclosure that was auctioned at 10:30 am of same day, stop the sale?

Will a bancruptcy filed at 1:30 pm on a foreclosure that was auctioned at 10:30 am of same day, stop the sale? Topic: Case sale
June 17, 2019 / By Havelock
Question: Filing a BK is supposed to stop a lender from being able to auction off home in foreclosure. If the auction was scheduled for 10:30am and the BK wasn't filed until 1:30pm, would the lender be able to buy the home back? Does the actual 'time of day' BK is filed determine the outcome of a sale or not?
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Best Answers: Will a bancruptcy filed at 1:30 pm on a foreclosure that was auctioned at 10:30 am of same day, stop the sale?

Eliah Eliah | 3 days ago
The property may not be sold at auction. such being the case the property would revert back to the lender as owner so the BK would have no bearing as you are no longer the owner. if you filed BK before the actual foreclosure it would have put a stay on the property in which the trustee of the BK may remove it from stay to allow the sale in the case of a short sale
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Eliah Originally Answered: Short sale vs foreclosure in Florida? What's better?
short sell is better than foreclosure. Only the difference between what you owe and what the bank gets for the house will go on your credit. Foreclosure will go on your credit in addition to difference owed on the house. From what I have seen, Short sales tend to be priced higher than foreclosure. So you will owe less with a short sale.
Eliah Originally Answered: Short sale vs foreclosure in Florida? What's better?
Neither is an attractive scenario for you, given that this is an investment property. Investment properties do NOT fall under any exclusion of 'taxable gains via write off'. With an investment situation, you will get a 1099C from the lender, and you will be required to add such to your taxable income for the given year.

Eliah Originally Answered: Can my spouse buy a house if I'm undergoing foreclosure or short-sale on a property acquired before marriage?
The best possible scenario is for you husband to purchase the house using his own credit and score. Properties are sorta expensive in Los Angeles. His income would have to be enough to qualify for the mortgage. You might use a FHA mortgage and the down payment would be about 3%-4% depending on the mortgage program he is qualified for. Forming a corporation would not accomplish what you want as the corporation would have no history, assets, or provable income. Even if a lender did decide to allow the corporation to be the primary purchaser I am sure they would require a co-signer to guarantee the mortgage loan. This is called a recourse loan as your husband's income and credit would be used. If you and your husband agree to purchase a property together and both applied for the mortgage loan, then both your income and credit would have to be considered. So the default or foreclosure you are currently in would be a factor as it would be on you credit report. If a mortgage is in default and the current owner want to offer or request a deed-in-lieu of foreclosure this is for the lender to approve, this is not something that a third party would be privy to. Therefore another person could not default on a mortgage and expect to get a deed-in-lieu of foreclosure. The other thing is what person would purchase a property with the intent of losing it to foreclosure, thus having a negative impact on their credit for several years? You might purchase the property as an investment property. You might even use FHA to purchase the investment property, however, you would not really benefit as the most favorable interest rates are given to those that purchase houses as their personal residence. Therefore there is no real benefit in purchasing the property as an investment property. You might consider the following in the purchase of your next home. These methods of purchasing a home normally do not require a full qualifying as a lender would require. In some instances some sellers (Owners) require more than others, some sellers (Owners) less than others #1 Owner finance (Scan the news paper very carefully for these adds)( there are there) #2 Little or no qualifying ads in the local newspaper (This might be a come on from a real estate agent so ask many questions before you waste your time and will eventually have to fully qualify) #3 Lease with an option to own (This is good as you have an option to purchase the property after an agreed on time normally 3-5 years.) #4 Rent to own (The same as a lease to own with a few wrinkles) #5 Land contract Don't expect your local real estate agent to help you with the above type purchases as they will get little or no commission for their services. In selecting to go this way in the purchase of homes you are pretty much on your own. You might consider checking out and reading a few books on these methods at your local book store or library. I hope this has been of some benefit to you, good luck. "FIGHT ON"
Eliah Originally Answered: Can my spouse buy a house if I'm undergoing foreclosure or short-sale on a property acquired before marriage?
It sounds like you really don't want to pay the Piper! Your scams probably will not work since the lenders scrutinize every loan application. If the spouse of someone applying to purchase a property is in arrears on their mortgage the lender will discover this fact. Your best avenue of choice is to go through the short sale process and then rent for a couple of years in your new location. The short sale will tarnish your credit but if you handle your credit responsibly there is a good chance that in two or three years you can buy something. You may also have a challenge in finding a rental since a potential landlord or property manager may want to know if you may be close to bankruptcy which would impact their ability to collect the rent. Of course, you can always deal directly with property owners either for purchase or for rent. They don't have all the red tape that a regular lender has and may not put as much weight on you having a foreclosure or short sale on your credit report. Whatever you do you have to realize that these issues are necessary information that any landlord or lender will discover so truthfulness is a better policy.
Eliah Originally Answered: Can my spouse buy a house if I'm undergoing foreclosure or short-sale on a property acquired before marriage?
well the short sale can still be approved up until 7/31. At that point it will be owned by bank and then a short sale is not possible. You will have to buy directly from bank. How long depends upon what state you live in. if your state has a redemption period the bank will not list it for sale until that expires (could be 6-9 months). Google foreclosure laws for your state to see what you can find out. The bank will eventually list this for sale with a real estate agent and it will be on mls. It sounds like bank determined that allowing it to go into foreclosure would net them more money than your offer. I bet the bank is wrong.

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