What if house is included in bankruptcy?
March 29th, 2009 by Questions
Here`s what I`m wondering, if my dad includes the house into the bankrupcy, but we are unable to keep making the payments, what happens to our house and how much notice do we have to find another home? We were able to make the payments if we filed, but then mom left us and now we have missed two house payments and have to include it into the bankruptcy. I just wanna know what kind of timeline we`d be looking at and if the bank can lock us out of our house before we can move stuff out.
I appreciate your help with this stressful situation. Thanks
Posted from: Ontario
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March 30, 2009 at 8:39 am, A licensed trustee said:
The timeline is pretty tight – you can’t stay in the house if you’re not making the payments. If you co-operate with the real estate agent that the bank appoints you can probably stay until just before the sale closes. If you are co-operative they may ask you to leave in less than 35 days.
Frankly, you should plan on leaving as soon as you find a new place to live – it’s time get on with your lives and you can’t do that in the old house.