TX foreclosure on land/home repayment of balance etc?

Posted by Summer on April 27, 2005 at 10:42:16:

My husband and I are currently going thru Chapter 7 BK. I have not been sent a foreclosure yet but I'm sure it will be coming. We have pretty much decided to let the house go into foreclosere and cut our losses as we are unable to make the payments on our home since I am not working right now and we will be moving to AZ to be with family. We have a Doublewide mobile home on about 1 acre of land in Conroe, TX. The house, land, well, septic, ect.. is all in 1 large loan. My questions are:
1. If they are unable to sell the house and land for what is owed can they collect the remaining balance from me? (we owe more than it is worth)

2. How long will this effect our credit?

3. What is the least amount of time we have to get out before they lock the place up?

4. Does the Chapter 7 BK keep them for foreclosing right away like the Chapter 13 BK does?

Answers to any of these questions will be very helpful thanks.

Follow Ups:

Name    : 
E-Mail  : 
Subject : 

Comments:
: My husband and I are currently going thru Chapter 7 BK.  I have not been sent a foreclosure yet but I'm sure it will be coming.  We have pretty much decided to let the house go into foreclosere and cut our losses as we are unable to make the payments on our home since I am not working right now and we will be moving to AZ to be with family.  We have a Doublewide mobile home on about 1 acre of land in Conroe, TX.  The house, land, well, septic, ect.. is all in 1 large loan.  My questions are:
: 1. If they are unable to sell the house and land for what is owed can they collect the remaining balance from me? (we owe more than it is worth)

: 2. How long will this effect our credit?

: 3. What is the least amount of time we have to get out before they lock the place up?

: 4. Does the Chapter 7 BK keep them for foreclosing right away like the Chapter 13 BK does?

: Answers to any of these questions will be very helpful thanks.


Optional Link URL : 
Link Title        :