Re; Banctrupcy.. Does It Stop Sherrif's Sale?
Bancruptcy declared 8/29/03 by owner in default. Sherrif still has the property listed for sale on Oct 22nd. Does declaring bancrupcty stop the Sherrif's sale?
Bancruptcy declared 8/29/03 by owner in default. Sherrif still has the property listed for sale on Oct 22nd. Does declaring bancrupcty stop the Sherrif's sale?
Legally, yes, no foreclosure action or sheriff's sale can proceed after BK is filed...but somebody shoud send foreclosing officer (Trustee for lender, etc.) a certified letter, with receipt, advising them of the BK filing.
Be aware though, that a few weeks after the BK is filed, the lender can & will file a "Motion to Lift BK Stay", and allow it to proceed to foreclose...and normally there's no way you're going to forestall that one.
A BK simply slows the foreclosure, but does NOT kill it.
Thanks for the information. I am new to this and am trying to follow a property and see if I could have made any money on this deal. WOndered why the sherrif's site did not post the bankruptcy notice. I found out by checking the Prothonotary's Office.