Mortgages Not Discharged by a Bankruptcy

Question: I have a question about bankruptcy. After filing for bankruptcy a few years ago, I thought my mortgages were discharged. I never heard from the bank except when they would inform me about how much I owe in order to catch up with my payments, but now I am in a desperate need to understand if and when the bank is going to proceed with a foreclosure. How long does it take for foreclosure to take affect?

Response: You should contact a bankruptcy attorney so he/she could answer your questions about whether your mortgages were or were not indeed discharged. If they were discharged, then the trustee will be the one to sell the properties to satisfy the mortgages (whether partially or fully). If they were not discharged, then you are responsible for the mortgage payments. Foreclosure these days takes a lot longer than it did in the past and can be a matter of months or years, depending on when you stopped making your mortgage payments, who the servicer is, as well as your intentions for the home. If you do not intend to keep the property and will not resist foreclosure, then it takes a shorter amount of time. However, waiting for foreclosure to take place is never advisable. If discharge of your mortgages did not take place, please consider looking into a short sale or a deed in lieu of foreclosure.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.

Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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