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?

Comments(2)

  • JohnMerchant9th October, 2003

    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.

  • albin39th October, 2003

    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.

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