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Will BK of codebtor wife who does not own the house with husband stop foreclosure?
Alik:
Does wife claim (in good faith) an interest in the property? If so, it
should be listed and the creditor timely notified of the filing to stop the
sale.
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
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Listmates,
Please help me analyze this situation:
Will BK of codebtor who does not own the house stop foreclosure?
H owns the house. H&W both signed the mortgage. W files alone files
BK one day before foreclosure. Does W's automatic stay stop the
foreclosure?
I am thinking that the bank might postpone the sale for the following reasons:
1. The house is not (based on title) part of wife's bankruptcy estate,
so this reason is not likely to cause the secured creditor to postpone
the sale, except just to figure out what to do in this situation.
2. Although H is the only one on title, in a community property state,
marital community might have an interest in the house if community
funds were used to pay the mortgage. So W might have a property
interest in the house, although she is not on title.
What are your thoughts?
Alik Segal
Alik.Segal@gmail.com
310-362-6157
Cal. CD, Los Angeles
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