Legal Question in Bankruptcy in Indiana

Forcloser

my ex-husband is filing bankrupty and is forclosing on two rental properties that are in both our names. what is that going to do to my credit? what exactly is forclosing and how does that work?


Asked on 6/26/02, 11:03 pm

1 Answer from Attorneys

John Bator Bator Redman & Shive

Re: Forcloser

First, your husband cant foreclose on you for properties that you both own. The mortgage companies are foreclosing because you and your husband failed to make the mortgage payments.

A foreclosure is a lawsuit that basically has two parts-a suit for money, that being the amount of the loan, the second part is to foreclose the mortgage so a sheriff sale can be held to sell the property and apply the sale proceeds to the amount owed on the loan.

You should seek counsel immmediately since your rights are at issue and there are time deadlines in your ex-husbands bankruptcy that will pass quickly

Since foreclosure is debt collection, it will appear on your credit

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Answered on 7/01/02, 1:48 pm


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