Bankruptcy and home eviction?

you need to find out what that particular bank policy is and the method they have taken in past.

Courts take time. I can't give you legal advise as I am not a registered attorney. People can exclude their homes and keep them but get out from under other debts. However, can put teir home on there as well if they can't make the payments. Many are being foreclosed because of the economic crisis. I saw in California that they were opening a parking lot that has security for people who live in their cars so they will be safe there.

So, sounds like they want out of their mortgage too as they can't afford it. So they have filed bankruptcy. There were some changes in the bankruptcy laws just a few years back that was not as much in favor of the debtor as before. I don't know the precise nature of those changes but their attorney can tell them that.

The bank could file for foreclosure action - that is a court action and it may take several months. I am sure that the banks will move faster than they used to on foreclosures because of the number they have. If they want to keep their home, they might go to the bank and try to renegotiate the interest rate, particularl if it was high. Banks may be strapped right now and more willing to negotiate than they were in the past. Once the bank does get a judgement and is permitted to foreclose, they will issue an eviction notice. In most states that gives them 3 days (at least in a landlord tenant situation they have 3 days to pay up or move, but then that is delayed, too. So they will not have to leave overnight. There is process to be served and I would expect they have 2 or 3 months in the home from the start of foreclosure. Some people move immediately when they file bankruptcy or bank begins foreclosure. However, why do that when it will be a couple of months before they will actually evict.

However, with an eviction and foreclosure, it may be a bit more difficult to find a rental because of eviction. They should be up front with a landlord to let them know that with the economic situatiion, etc. that they lost their house and will be renting and that they have filed bankruptcy. If they don't tell the landlord, they will find out any way, most likely and they may lose their deposit if it was nonrefundable.

Their attorney is really the one they should be asking as to how long the process will last as the attorney is familiar with the state and federal laws that will impact them, both from foreclosure laws and bankruptcy laws. Bankruptcy is federal court (or that is my understanding). States could have bankruptcy laws on the books but usually it is federal.

Good luck to them. More and more are finding themselves in similar situations. Let's hope our economy will turn around soon.

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RE Bankruptcy and home eviction?

so some of my family members are filing for bankruptcy and including there homes on it.

when should they expect to be evicted by the bank?

once they file or once they go to court etc etc.....

they are both in iowa

it depends when was the last payment they made.it could take up to 1 year and as early as 6 months