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In particular, filing for bankruptcy will cause an injunction to go into effect, known as an automatic stay. An automatic stay will stop foreclosure proceedings as long as bankruptcy remains in ...
In this "power-of-sale" type of foreclosure, if the debtor fails to cure the default, or use other lawful means (such as filing for bankruptcy to temporarily stay the foreclosure) to stop the sale, the mortgagee or its representative conduct a public auction in a manner similar to the sheriff's auction.
Americans are increasingly filing for bankruptcy in order to avoid foreclosure. Katherine Porter, a bankruptcy expert at Harvard Law School, estimates that 75 percent of Chapter 13 filings fall ...
The advantages of Chapter 13 over Chapter 7 include the ability to stop foreclosures although a foreclosure would be reinstated upon completion of the bankruptcy; achieve a "super discharge" of debts not dischargeable under Chapter 7; [6] "value collateral"; bifurcate the security interest of creditors in certain property that creditors are ...
Many people file pro se to stop a foreclosure sale and do not intend to complete the bankruptcy case. In fact its estimated that about one third of the chapter 13 cases filed in the Bankruptcy Court for the Southern District of Florida are filed pro se and are not pursued after the filing of the case and the imposition of the automatic stay ...
A power of sale foreclosure is considered a non-judicial foreclosure because no legal action is taken. Strict foreclosure: Strict foreclosures are less common because only a few states allow them ...
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