At what stage of the BK process will they take the house back physically? I'd like to be able to stay as long as possible, of course.
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"Starting again is part of the plan"
-Gloria Estefan -
Even though your liability for the loan is discharged in the bk, the bank still has to go through the forclosure process to get the title to the house. Should be able to stay in the house for at least 6 months and maybe more.
TS -
It depends a lot on state laws in your area.
As ThreadsSnapping says the bank still has to foreclose on the house even if you surrender it in the bankruptcy. Generally shortly after the 341 meeting, they will enter a motion to lift stay. This will allow them to start the process. It can take several months as Threads points out.May 31st, 2007: Petition Filed by my lawyer
July 2nd, 2007: 341 Meeting Held
September 4th, 2007: Discharged and Closed.Comment
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My attorney advised us to move out before the day of filing if we wanted to give back the house. He advised this so we could take advantage of the $4000.00 each exemption. This is in Florida.Comment
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FL here, also. Stopped paying mtg in Sept. 07, NOD in Nov. 07
Almost 11 months now and still no foreclosure with Countrywide.Last edited by fltoo; 07-01-2008, 07:31 AM.Comment
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