foreclosures in chpater 13

[mia111]

Hi, are foreclosures while in chapter 13 handled the same as regular foreclosures?
meaning the same amount of time it takes to foreclosure or is it a faster process?just need to know how much time we have to move,thanks

[SinkingFast]

Right now, the Lender can't do much of anything with regards to the house. You're under the protection of the Automatic Stay from having filed BK.

If there's any equity in the house, the Lender will probably have to wait on the Trustee. The Trustee will sell the house, pay off the Loan and pay any remaining proceeds to your Plan. Not sure if you'd get your Homestead Exemption or not in this case.

If you don't have any equity to speak of, the Lender will probably have to file a Motion to Lift Stay to sell the house. Once that's granted, the Lender can then proceed with the Foreclosure per your State's rules.