Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Motion for Relief From Stay/To Abandon

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  • Motion for Relief From Stay/To Abandon

    Hello all --
    I'm checking back in to get some guidance on where we find ourselves at this point. We should discharge end of September. Mortgage fell behind 9 months ago due to husband's injury; did a workout/modification with Pacific Union; successfully completed trial period of three months. We signed, notarized and submitted docs after successful trial period, but fell behind again as filing BK became imminent. Modification agreement started June 1. We were told only had to make a payment by June 30 in order to be considered in good standing. Did that. Missed July and August payments but were told that would only be like falling 30 or 60 days late since new agreement was in effect. I called at end of July to verify this. Rep told me to leave a voicemail for the employee who we had been assigned to, but that she showed on her end of things that there was missing paperwork on the mod. Would have to have been on bank or county end...

    Anyway, here we are. There is equity in the house. We could potentially sell and come out with 10-25k depending on whether or not the HELOC will settle with us for 5-10%. Should I start negotiating that before discharge?

    Here are my specific questions:

    Are we too late in attempting to sell the house?

    Is it likely HELOC will negotiate and/or do I began that now or after discharge?

    Timeline? We live in Arkansas so there isn't an overload of foreclosures like in other states right now.

    I would really like to be able to leave with some of our equity. We cannot save anything at this point. We aren't able to "bank" the house payment because we cannot make it. Husband is not working and, honestly, having some proceeds from the house might open us up to some discussion about what this means for our future. I feel like I have a weight on my chest almost every minute of the day. Selling the house would be one positive to come from this and potentially give us some options.


  • #2
    Any insight? Should I file an objection? Does the "abandon" piece of this mean we would have to be out immediately if judge grants the stay? I literally have no money for an attorney, so I'm digging and reading, but anyone with prior experience would be helpful.


    • #3
      I read this earlier and was confused. The bottom line is do you or do you not have equity? In my definition of equity, I mean that amount above all the encumbrances (liens) combined. I don't know of any secured creditor that would settle for 5-10% when they could get all 100%. Typically settlements of 5-10% are done for secured creditors that have no recourse due to the discharge and the property is worth less than the combined balances of the superior liens.

      I could be wrong but that would depend on the principle balance of the HELOC.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      I am not an attorney. Any advice provided is not legal advice.


      • #4
        Ok -- I was thinking that a settlement would be a long shot. There's not a huge amount of equity but there is enough to pay both first mortgage and heloc if we get close to a full price offer. What about a timeline? I'm gathering that I can expect a minimum of 120 days after discharge or the stay is granted. Would it do me any good to object? Would that help if I need more time to sell the house?


        • #5
          You can't object to a foreclosure because you need more time to sell. I would research more on how often second mortgages, specifically HELOCs, foreclose in your area.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          I am not an attorney. Any advice provided is not legal advice.


          • #6
            I believe that you also asked about the length of the foreclosure process. IN Arkansas I would guess it could be less than 90-days (start to end) because your State allows non-judicial foreclosures on a Deed of Trust. The question will likely come down to whether you have a Deed of Trust or a traditional Mortgage.

            Negotiating never hurts but if you're looking at 5-10% and they run an AVM (automated valuation model) that shows there is equity above both liens, you are too far apart.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.


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