A bankruptcy course or a foreclosure course can be useful tools, but each for different reasons. Both courses deal with financial matters and both courses can teach homeowners who face foreclosure how to fight a motion to lift the automatic stay on their debts.
Of late, homeowners have been experiencing success in their quests to prevent mortgage lenders from going ahead with a foreclosure, because they learned through a bankruptcy course, how to lift the automatic stay on the property. When a homeowner files for bankruptcy, his or her creditors can no longer engage in activities that are related to collecting debt from him or her. This probation is what defines the automatic stay, meaning that collection activity is stopped or stayed while one's bankruptcy case is on hold pending the courts. A good bankruptcy course or foreclosure course can teach both homeowners and lenders steps they can take to get the desired result regarding these automatic stays.
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There are some standard reasons why lenders try to get the court to lift the stay. This may occur when a landlord is trying to evict a tenant from the property. It can also happen when a mortgage lender attempts to proceed with foreclosure activities. When the debtor doesn't have any equity in a real estate property, the bankruptcy court will generally lift the stay of a particular creditor. This usually happens when the property is being rented. It can also happen if the creditor can prove that it will suffer substantial economic damage regarding the piece of property, if the court fails to life the stay. A bankruptcy course or a foreclosure course can teach homeowners exactly how to proceed should this motion be filed.
It wasn't so long ago that courts would automatically grant any motion to lift an automatic stay. It was customary for the debtor not to even show up at the hearings in these cases. However, as any good bankruptcy course or foreclosure course will now advise, bankruptcy attorneys are gaining more and more success in fighting these motions. They do so by proving that the lender cannot legally establish who owns the mortgage. This means that the lender does not have a legal right to request the bankruptcy court grant relief. The legal term for this is, "lack of standing."
The reason that a bankruptcy course or foreclosure course is such a crucial tool for the homeowner is, because they can gain the knowledge about what to do if the motion is denied. The courses can teach homeowners the different options for a Chapter 13 bankruptcy, as opposed to a Chapter 7 bankruptcy. The rules are very different with each of these options. Generally speaking, if the motion is denied, it is common for the lender and the homeowner to reach a mutual agreement. Sometimes a mediator is used to settle the dispute, in terms that favor the homeowner. A bankruptcy course or a foreclosure course can also teach homeowners other ways to fight a home foreclosure.
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