Can I sell my home while in bankruptcy?

isacmar55 · Joined: 04 Oct 2007 Posts: 25 10.93 Dollars($)

I had to file bankruptcy 13 to avoid my house being sold at a a Sheriff sale on Oct. 18. I filed on the 17th. Can I sell my home while it is in foreclosure?

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Isacmar,

You can always sell your home before the Sheriff Sale takes place and pay off the mortgage debts.

isacmar55 · Joined: 04 Oct 2007 Posts: 25 10.93 Dollars($)

The sale was scheduled for Oct 18. I filed bankruptcy on the 17th to stop the sale.

livinginnky · Posted: Fri Oct 26, 2007 10:22 am Post subject:

Even after the sheriffs sale in some places you still have an opportunity to redeem yourself, aptly called the "redemption period". You would need to check with an attorney for local specifics. Even after the sale no matter who buys it they might have to wait up to 6 months to do anything with the property while you still have the right to pay it off or sell it.

livinginnky · Posted: Fri Oct 26, 2007 10:25 am Post subject:

I would like to add...

By doing a Google search for "kentucky redemtion period" I was able to find local information regarding my states laws in this situation. You could probably do the same by replacing "kentucky" with whatever state you live in. If you do please reply to this thread with the answer you found or the state you live in so myself and others can benefit from this information as well.

Best of luck

Samantha · Posted: Sat Oct 27, 2007 5:14 am Post subject: RE: Kentucky Redemption period

Hi Eric,

I think the redemption period in Kentucky is 1 year. But how long is the sale sheduled for?

The bankruptcy will put an automatic stay no doubt but after that the foreclosure will take place. And, if you can gather the funds required to redeem the property, then that will be good enough.

Hope this helps...

God bless you.

Samantha.

livinginnky · Posted: Sat Oct 27, 2007 2:26 pm Post subject:

I spelled redemption wrong, sorry. You should search for "kentucky foreclosure redemption period"

And yes, Samantha, I was incorrect, it looks like it is 12 months and you have to pay interest if you do redeem the property.

isacmar55 · Joined: 04 Oct 2007 Posts: 25 10.93 Dollars($)

Eric,

I was able to find information about Michigan's Redemption Period and posted a long response but somehow the computer zapped it. Anyhow, the redemption period in Michigan varies based on the homeowners particular situation and the type of dwelling they live in. They range from one month to six months. In my particular case, I would have six months.

I'm good at asking questions but new at giving the responses. Please let me know if there is anything more I need t include or if you have any questions. I can say the type of dwellings means 4 unit residence, three unit residence, five, etc. Mine is a five-unit condo so I would have six months.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Isacmar,

As far as I know, according to Michigan Foreclosure Laws, if the property is over 4 units and has not been abandoned, then the time period for redemption is one year from the date of foreclosure sale.

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