Title: When Does the Bank Take Possession of a Home in Bankruptcy? | Legal Beagle
Headings: When Does the Bank Take Possession of a Home in Bankruptcy?
When Does the Bank Take Possession of a Home in Bankruptcy?
What is Bankruptcy?
Temporarily Halting Foreclosure with Bankruptcy
Benefits of Chapter 13 for Foreclosure
Foreclosure and Chapter 7
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Content: Depending upon where he lives, it is possible to lose the home in a bankruptcy proceeding, even if the mortgage debt is forgiven. Chapter 7 discharges the debtor's liability on the loan itself, but it does not get rid of the lender's mortgage, which is the lien on the house. In Chapter 7, foreclosure proceedings can run their usual course after the discharge is entered. The debtor won't be liable for any money still owed after the foreclosure, but the lender can still take the house. References
Law Offices of Curtiss Walker: How does Bankruptcy Work with a Foreclosure? The Law Dictionary: Can a Foreclosure Happen After Bankruptcy Discharged the Debt? U.S. Courts: Liquidation Under the Bankruptcy Code
U.S. Courts: