Will a bancruptcy filed at 1:30 pm on a foreclosure that was auctioned at 10:30 am of same day, stop the sale?
April 2nd, 2009 | by bpac |
moxyone asked:
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?
THOMAS
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?
THOMAS
2 Responses to “Will a bancruptcy filed at 1:30 pm on a foreclosure that was auctioned at 10:30 am of same day, stop the sale?”
By wartz on Apr 5, 2009 | Reply
The bankruptcy has to preceed the sale the sale the bankruptcy has to preceed the sale would have been done deal.
By iltmaemc on Apr 7, 2009 | Reply
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