What happens to mortgage payments after bankruptcy?
what happens in regards to mortgage payments after you declare bankruptcy and how long before the banks/finance company asks you to vacate the premises?
Posted from: Nova Scotia
what happens in regards to mortgage payments after you declare bankruptcy and how long before the banks/finance company asks you to vacate the premises?
Posted from: Nova Scotia
There are a couple of options – if you are able to make the mortgage payments and you want to stay in the house then likely your trustee can find a way for you to stay in your house. If you can’t make the mortgage payments and therefore have to move (you can’t stay in the house unless you are going to keep paying for it) you need to plan to vacate in a “reasonable” period. Depending on the housing market where you live that may be 30 days or 3 months – this is something that a local trustee can tell you when you call them.