Avoid any post-foreclosure eviction action

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Posted by Ward-CA- on August 24, 2003 at 23:59:30:

In Reply to: After Foreclosure posted by stacy guts on August 20, 2003 at 10:07:23:

: What happens after the foreclosure sale?
: Financially there is no way for me to keep my house.
: It will be sold on Monday...Im in Missouri..how long do i have
before i have to be out of the home?
: I plan on Filing Chaper 7 Bankruptcy after the foreclosure, it will
include the loss of the home. Is this a good option?

: Thanks
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Stacy,

Generally, in a non-judicial foreclosure procedure that’s
concomitant with the foreclosure of a trust deed, you will be
served with a formal notice to vacate within a stated time period
after the foreclosure auction.

If you fail to move out within that time period you will be forcibly
evicted. The eviction will be reported on your credit record which
will dog you for several years as you move around, inhibiting your
ability to rent decent housing.

So my advice is move out before you’re evicted—avoid that scar
on your credit record.

A Chapter 7 filing in bankruptcy is a debtor’s wipe out of existing,
unsecured debts. As such, it won’t affect the foreclosure that’s
happening on Monday—that’ll be over and done with.

Hope this helps.

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Comments:




: : What happens after the foreclosure sale? 


: : Financially there is no way for me to keep my house. 


: : It will be sold on Monday...Im in Missouri..how long do i have 


: before i have to be out of the home? 


: : I plan on Filing Chaper 7 Bankruptcy after the foreclosure, it will 


: include the loss of the home. Is this a good option?





: : Thanks 


: -=-=-=-=-=-=-=-=-=-=-=-=





: Stacy,





: Generally, in a non-judicial foreclosure procedure that’s 


: concomitant with the foreclosure of a trust deed, you will be 


: served with a formal notice to vacate within a stated time period 


: after the foreclosure auction.





: If you fail to move out within that time period you will be forcibly 


: evicted. The eviction will be reported on your credit record which 


: will dog you for several years as you move around, inhibiting your 


: ability to rent decent housing.





: So my advice is move out before you’re evicted—avoid that scar 


: on your credit record.





: A Chapter 7 filing in bankruptcy is a debtor’s wipe out of existing, 


: unsecured debts. As such, it won’t affect the foreclosure that’s 


: happening on Monday—that’ll be over and done with.





: 


: Hope this helps.








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