What is the foreclosure process like in a bankruptcy?

I am living in a house that is being allowed to go into foreclosure. From what I understand the owner is declaring bankruptcy and including the house in that bankruptcy. I am wondering approxiamtely how much time I have from the bankruptcy hearing until I have to vacate the home. This is all happening in Michigan.
The bankruptcy is a liquidation of debt, not a reorganization of them. I am asking this question so I know how long I have to save money and to get a better idea of when Ill need to start looking for another place to live.

By | 2013-08-24T19:19:55+00:00 August 24th, 2013|Mortgages Home Loans Interest Rate|2 Comments

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  1. John August 24, 2013 at 8:43 PM - Reply

    Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan

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  2. loanmasterone August 24, 2013 at 7:54 PM - Reply

    Declaring bankruptcy by a person in foreclosure would indicate one or two things depending on the bankruptcy the person is filing under.

    A chapter 7 would be complete liquidation where the person is saying I do not have enough capital to cover the debts I have.

    A chapter 11 would indicate this person would be attempting to reorganize his debts and resources to pay off his creditors, but under the present financial situation is unable to.

    It would be helpful if you know his intentions in his filing bankruptcy, as to how much time you would have left to remain in the rental house.

    Why are you wondering what the time limit is for you, before you and your family are asked to leave by the lender upon completion of the foreclosure procedure? You might want to consider placing rental applications for another place. You now have time, eventually you might not have this time and would place you family into a situation of getting an undesirable place. You now have to the time to carefully look for a safe place for you and your children if you have any.

    A bankruptcy is basically a request. The judge could rule your landlord solvent thus the time limit would be greatly reduced as the foreclosure would continue once the judge have made a ruling on the bankruptcy.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

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