SURRENDURING YOUR HOME IN BANKRUPTCY

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Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

SURRENDURING YOUR HOME IN BANKRUPTCY.

Kentucky Mortgage after a bankruptcy, foreclosure, short sale approval

by: Tracy L. Hirsch, Attorney

One of the hardest decisions a family has to make is deciding to surrender their home in a bankruptcy proceeding. Often times, this means allowing a home to go through the foreclosure process and discharging their mortgage obligations in a Chapter 7 bankruptcy. Many homeowners are concerned about the foreclosure process and their obligations to their mortgage company once their bankruptcy process is complete.

Often times, when a person chooses to surrender their home in bankruptcy, he is in the middle of the foreclosure process. Filing a bankruptcy petition creates an automatic stay, which puts an immediate halt to the foreclosure process. The mortgage company may then choose to either file a motion with the court to re-start the foreclosure process (called a motion to terminate the automatic…

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