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Due to foreclosure, another situation might be at play. There might be an HELOC with a different bank, and the two FI's might be jostling over ownership. As a general rule the 1st mortgage is greater than the second, but not always. If the second is greater, than it could be a lot of legal "wrasslin". Especially if the total owed is greather than the actual value of the home.
Not to mention any back property taxes or other liens on the property.
You're asking about two different things here: bankruptcy and foreclosures.
I'm not an attorney nor banker, but my layman's understanding is that a bankruptcy does NOT mean one loses their home but rather protects one's ownership in it from the mortgage company. Further, I don't believe mortgage companies are even allowed to trespass on the property once a bankruptcy has been filed, not for a period of time or until they're cleared to do so.
In my experience, most people who file for bankruptcy protection do not lose their home. If they do, it's usually by choice. Obviously, the mortgage payments must still be made eventually or the bank will foreclose.
If you want that lawn mowed, just go mow it. It could easily be a year or longer before the bank takes possession of it. Nobody's going to string up a neighbor for mowing the lawn next door.
I've posted our story before (look at my post-history, if you'd like to see the details) but it can be a lonnnng time. Mow the lawn, if you want it mowed but you'll have no luck on the easement issues. We've not been allowed to make a payment since Spring of 2010. Bankruptcy included the house in March 2013 and finalized in June 2013. BOA sold their interest to the property in September 2013. No action has been taken to foreclose. Still. Not even a lis pendens (legal filing of an INTENT to foreclose in the future) has been filed.
We're in one hell of a limbo. Even though our financial situation is better and we CAN buy a house, there's no way we can get a loan for it. By the time they legally take ownership though, we'll likely have enough to build a small home in cash. I don't even know if they CAN take ownership though- they have to prove, through a chain of paperwork, that they have a right to claim ownership of it. And I don't think they can. Even BOA couldn't. They messed up paperwork dozens of times. We applied for a loan mod, during which we were told not to make payments to GET it into "high-risk" and qualify, then told that the process was delayed, then weren't allowed to make payments, then, then, then...
It may end up that, while we will never be able to SELL the house because of the lien attached to the deed, they will not be able to take ownership of it until my husband dies. He's 37 so I don't foresee that happening anytime soon.
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