Stump the Stammtisch: Questions about Foreclosures

Where readers ask, and we try to answer:

Your posting on 10/25 regarding the property on Vernon Street being sold in light of a pending foreclosure prompts these questions:

1) If a property is pending foreclosure and the owner has filed for bankruptcy can they still sell? I am of two minds on this: 1) selling can forestall the bankruptcy and foreclosure or 2) it is now under the jurisdiction of the court to settle this matter since the bankruptcy has been filed and therefore not allowed to be sold.

2) If a property is in litigation due to an attempted prior sale (money was paid by buyer to bank to prevent foreclosure but final papers never signed by owner) can that property be sold? A check at the Recorders Office website shows that notice has been posted against the owner but not the property itself (ie block & lot number) [We're assuming you're talking about Vernon?].

I am not involved in the real estate business – from my questions that is obvious – but I am interested in the events of my neighborhood and our property values and these questions are based on real events.

I find your site very interesting and informative and check it every week or so. Please continue the good work!

I would prefer to remain anonymous if at all possible.

Thanks…

Anonymous you shall remain, and hopefully we can get you some answers.

-Fixer Facing Foreclosure, Move Fast [theFrontSteps]

-Curb Cuts: Who has the answer [theFrontSteps]

-Readers ask on Stump the Stammtisch [theFrontSteps]

One thought on “Stump the Stammtisch: Questions about Foreclosures”

  1. Not sure about answer to #2 but yes, if a house in pending foreclosure and therefore in “pre-foreclosure” the house can still be sold. My understanding is that you can’t have collateral (like a house you own) and file bankrupcy so my guess is that the house would be taken from you if you filed.

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