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    newdawn01's Avatar
    newdawn01 Posts: 1, Reputation: 1
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    #1

    Jun 9, 2014, 05:50 AM
    Bankruptcy
    I declared bankruptcy 2 years ago which included my home. We are still in the home because our attorney said to stay until we got our eviction notice. In the last couple weeks our mortgage has been bought by another bank. What happens now? Does the process start over or is it expedited.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jun 9, 2014, 04:41 PM
    Or it is forgotten. Not that you will ever "own" the home. But it is neither longer or shorter merely being sold. If the new bank is more aggressive, then it may speed things up. If this is one of the 10's of thousands of homes that are bad debts it may set for years and years before the bank ever decides to do anything.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #3

    Jun 10, 2014, 02:44 PM
    You need to indicate which state you are in. Foreclosure procedures vary from state to state. But, in general, no; it doesn't start all over again. The foreclosure lawsuit, which I assume was stayed by the bankruptcy, will resume as soon as the bank figures out that the automatic stay of bankruptcy is over.
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #4

    Jun 10, 2014, 02:53 PM
    Suggest maybe a call to your lawyer to see just how long you have to stay in your home.

    The process may take a while and you will be notified soon enough when you have to move out.
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