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Myself, my husband and my mother are all on the title, my mother is the only one on the loan. We are scheduled for foreclosure next week. I spoke to someone about claiming bankruptcy to stop the process and then doing a short sale. Not wanting to damage my mother's credit any more with a bankruptcy, can I file for the bankruptcy to stop the foreclosure, even though I am not on the mortgage, and I'm only on the title ? Also, will the foreclosure show up on all of our credit or just the person whose name the loan is in ?

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Hi Chrissy,

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Chrissy,

You cannot file for bankruptcy as your name is not on the loan. In that case, if your mother files it, the foreclosure proceedings will be temporarily suspended. She may delay the foreclosure until the bankruptcy is discharged. It will prevent the lender from taking any action to collect the debts that she owes them.

But ultimately, she will have to work out with lender and make a deal to repay the outstanding balance of the loan. Bankruptcy may give her a small amount of time but she will have to negotiate will the lender so that she can keep the home.

And the negative impact of foreclosure will only be shown on your mother's credit report. It will not have an impact on your credit.

Guest

The bankruptcy can only stop the foreclosure for some time but ultimately foreclosure can only be avoided if in the meantime the borrower comes up with payments on the outstanding balance.

livinginnky · Posted: Wed Sep 19, 2007 12:16 pm Post subject:

I want to add something. filing bankruptcy is not going to help anyone. They are correct above that you have nothing to do with the foreclosure technically.

Your mother will also not benefit from bk. If a house is included in a bankruptcy or sold short to prevent foreclosure then any new lender will see this and for all intents and purposes consider it a foreclosure anyway.

So ultimately you are in the same situation you are trying to prevent.

Guest

Chrissy, You say the home is going into foreclosure next week. Does that mean they are just starting the foreclosure process, or they actually have an auction date? You may have a couple options to consider if the actual auction date has not yet been set. "bobbrandtchicago@comcast.net"

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jameswells · Posted: Wed Sep 26, 2007 12:48 pm Post subject:

Chrissy- everyone's been right on the nose with answers here. The big question that was asked above is very important. Is the auction date next week- or did the just tell you they were going to start the foreclosure process next week? The reason it is a key question is because you are fight a battle of time and money and it sounds like right now you need both.

Since your mom is the only one on the loan- only her filing bk will stall the foreclosure process- it doesn't eliminate it.

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Foreclosure & bankruptcy