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I have a question about foreclosure after bankruptcy. The house next to my parents has been an issue for many years. The owner basically rents to anyone who will live there. He even told tenants to play loud music to "**** off the neighbors". At one point it was a hardcore drug house that had parties during the week until 3 am. It was broken up and then a slew of renters have come and gone. Some were ok others had domestic violence and other things.
The owner does not maintain the property and it is overgrown and the walls have rotted out in places. Code enforcement does little to address it.
This has all caused considerable stress to my parents over the years.
The property was foreclosed on and was supposed to go to auction in February I believe,, but this was cancelled because the owner declared bankruptcy. Meanwhile he continued to rent the house.
The last tenants moved out in the past few days. My mother says the owner was there today showing the property to some people.
I don't like anyone to lose their home but the owner does not live there and after all the problems I just wish it would go to the bank. Sell the property finally and redo it or tear down and build something else.
I was really hoping this would happen but the prospect that it may not burdens me for my parents' sake and well being.
So my question is how long does a bankruptcy take to commence and the house can be sold again? I also have wondered that the owner may have plans to get a friend to buy the house after the foreclosure to continue the harassment.
It depends on the type of bankruptcy. It can take a few months or years. A lot depends. It also depends on the bank and how aggressive they are in trying to get the property back. Chances are the bank knows it is a disaster, but you could always give them a call and let them know that it is in poor shape and that he is trying to rent it.
As far as a new buyer, the bankruptcy court would have to approve. And then the bank would have to approve. Usually if the buyer has a fairly decent buying price, the bank just wants out.
It depends on the type of bankruptcy. It can take a few months or years. A lot depends. It also depends on the bank and how aggressive they are in trying to get the property back. Chances are the bank knows it is a disaster, but you could always give them a call and let them know that it is in poor shape and that he is trying to rent it.
As far as a new buyer, the bankruptcy court would have to approve. And then the bank would have to approve. Usually if the buyer has a fairly decent buying price, the bank just wants out.
Correct - bankrutcy concerning mortgages;
A chapter 13 BK can be structured either with arrears, or the entire payment. Payments are made through a 3rd party know as a trustee. They typically last for 60 payments (five years).
A chapter 7 is used to postpone a sale date if there was a previous chapter 13 bankruptcy, it puts a temporary stay where the lenders BK attorney has to refile paper work. Typically postpones a foreclosure for three months.
Due to the 2010 Frank-Dodd Act becoming law earlier this year. If a complete loan modification application is received more than 37 days before a foreclosure sale, the servicer may not move for a foreclosure.
I have a question about foreclosure after bankruptcy. The house next to my parents has been an issue for many years. The owner basically rents to anyone who will live there. He even told tenants to play loud music to "**** off the neighbors". At one point it was a hardcore drug house that had parties during the week until 3 am. It was broken up and then a slew of renters have come and gone. Some were ok others had domestic violence and other things.
The owner does not maintain the property and it is overgrown and the walls have rotted out in places. Code enforcement does little to address it.
This has all caused considerable stress to my parents over the years.
The property was foreclosed on and was supposed to go to auction in February I believe,, but this was cancelled because the owner declared bankruptcy. Meanwhile he continued to rent the house.
The last tenants moved out in the past few days. My mother says the owner was there today showing the property to some people.
I don't like anyone to lose their home but the owner does not live there and after all the problems I just wish it would go to the bank. Sell the property finally and redo it or tear down and build something else.
I was really hoping this would happen but the prospect that it may not burdens me for my parents' sake and well being.
So my question is how long does a bankruptcy take to commence and the house can be sold again? I also have wondered that the owner may have plans to get a friend to buy the house after the foreclosure to continue the harassment.
Best hope is to get code enforcement to red-tag the home while it is vacant. At least no more tenants.
OP --
1. Go take about a dozen photos of the problem.
2. Get hard copies of those photos and mail them to code enforcement with a brief letter telling them what you told us. Tell them that you will be contacting the local TV stations if nothing is done.
3. If nothing is done in about 30 days, contact the local TV stations. Some have investigative/consumer sections, like "TV 6 - On Your Side" -- send your photos and a brief letter to them.
If you can get other neighbors to join you, so much the better, but if not, try what I outlined. That is a "nuisance property" and your parents have dealt with it long enough.
Update. Suddenly I checked the court records and they have scheduled another sale. In the last few weeks the owner has had people removing items. They took down the chain link fence. It seems this will be over soon. The property already looks better with junk gone. Hoping it gets sold and new house built.
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. Its easy to say why don't you just move
