Stay of relief.........part 2

[ronaldk]

Spoke to our attorney yesterday and he said to not even bother going to court Tuesday, unless we go with money in hand, thats all they want and care about, he said we could explain till we are blue the face and unless we have cash, forget it, like everyone here says "money talks". He also said we have anywere from 6 months to a year to stay here, well that isn't going to happen, like we want to live with the stres of wondering when the next so called shoe will drop, so the sooner we are out the better. We are in Illinois, does anyone have any idea how long it really could take, and what the steps are after they lift the stay, how quickly do they go from stay to actual fileing for the foreclouser? And when it will show on the credit report as a IIB or a forclouser? I have tryed to do searchs but have found nothing. On the other hand the new job is going well, and I will be in charge of the front of the store I guess i will find out what that really means, and hubby has a job interview today so things do improve, thanks for all the help friends.
nancy and Ron

[BassBoy]

Your attorney is right. No cash to pay, the lender won't even talk to you. That said, if you're now going to leave the home, take advantage of the time you have. Your attorney is probably accurate about the length of time you have. When we surrensured our home, our attorney said 12 to 18 months, and he was dead on. The Sheriff's Sale was 15 months after we filed. Anyways, my suggestion would be to use the 6 month timeframe to leave. I don't believe you'll be getting any surprise visits form the Sheriff before that time. You'll begin receiving documents over the next several months and if recall correctly, the one document that will be of the most importance with regards to when you should leave is the Real Estate Assignment. This is when the court has granted the lender all rights to the property.

Glad to hear the new job is going well and hope your husband's interview goes well.

[ronaldk]

thanks BassBoy we'll be looking for those papers, I guess in the long run all things happen for a reason, and I see better things down the road for us, could I ask if you know when the count starts? Is it when the stay is lifted or the actual foreclouser papers are filed? And how will it show on the credit report? And when? We have had great luck in getting our credit reports corrected, just last night we got the last of the collection agencies taken off, I figure every little bit helps and maybe they won't fall as low as they could have after the discharge.
Thanks again
nancy

[SinkingFast]

According to this website:

http://stopforeclosure.com/Illinois_Foreclosure_Law.htm

IL is a Judicial Foreclosure State. The IL Foreclosure timeline is approx 210 days. So it looks like you don't have to rush right out, find a place, and move. You've got time to look and find the right place for your family to live.

[NYCountry]

According to this website:

http://stopforeclosure.com/Illinois_Foreclosure_Law.htm

IL is a Judicial Foreclosure State. The IL Foreclosure timeline is approx 210 days. So it looks like you don't have to rush right out, find a place, and move. You've got time to look and find the right place for your family to live.

And save some money in the meantime!