For those splitting up in their later years or for spouses who worked at home for most of their lives, the financial ramifications can be even worse. Here’s how to come away with your finances intact.
She stopped paying her mortgage two years ago after a bout with lung cancer .. borrowers in default, foreclosure is only a theoretical threat for a long time.. “We could pay the mortgage company way more than the house is worth. “If they took the house from us, that's all they would end up getting for it.
But you have the legal right to remain in your home until the foreclosure process is completed. This process can take a few months or, in some cases, as much as a year-or even longer in states where foreclosures take a long time, like Florida and New York. (Learn about states with long foreclosure timelines.)
The amount of time you can stay in your home after the sale ranges from five to 30 days depending on which state you live in. Once this period expires, it is up to the new owner to file an eviction lawsuit against you to force you to leave. If you contest it in court, the process can be delayed by several months.
Depending upon where you live, you may be able to remain in your home for six months or more after your chapter 7 bankruptcy has been finalized. Once your bankruptcy is discharged, you will need to find another place to live. However, you may not need to leave your house immediately.
A lawyer who knows the laws can help you take the right steps when you're ready. in the long run than they would receive through a state auction of your property.. Rather than turning over your home, you could stay and stop paying until a.
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No House, No Discharge When Chapter 13 Goes Off Script. If your plan says you will pay your on-going mortgage payments directly, and you don't pay as. But all too often, the debtor stops making the on-going payments to the mortgage lender, without telling any of. If the lender isn't happy, it can ask for relief from stay.