Man filed bankruptcy to stop foreclosure

On Behalf of | Aug 24, 2022 | Bankruptcy |

A man in another state is trying to get his name added to the deed of the home where he has lived for about 20 years. His mother (who is now deceased) was the owner of the home, and her name is still on the deed. She acquired the home through a special housing project that was undertaken to improve a troubled neighborhood, and sales were made under contingency that they remain in the hands of the same owners for at least 20 years. That time is now up and the home is at risk for foreclosure.

The decedent’s son is a U.S. Navy veteran who is now a social worker that helps homeless veterans and people struggling with mental illness. While he had been making mortgage payments on his mother’s house for a long time, he encountered financial problems at some point and was unable to continue making payments. As it stands, he currently owes creditors $68,000. He is the administrator of his mother’s estate, however, and has filed for bankruptcy in an effort to activate a stay against the foreclosure on her home.

The man says he is fighting to keep the house to preserve his mother’s memory

Since the foreclosure was filed approximately two years ago, several investors have made inquiries about purchasing the home. The man says he has so many memories of spending time there with his mother, and he intends to try to keep the house to honor her memory. The good news is that numerous other homeowners in the neighborhood were able to avoid foreclosure and retain ownership, although one home was foreclosed and sold to a mega landlord company.

Foreclosure issues can be complex and difficult to resolve

There may be other adult sons or daughters dealing with similar foreclosure issues in Tennessee. When matters of estate and deeds are involved, issues can be quite complex. In such circumstances, it is helpful to consult with someone who is experienced in foreclosure and bankruptcy laws. Such an attorney can carefully review a particular case and recommend the best course of action to the client.

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