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    #1

    What does this mean?

    Ultimately, I know I need to call my attorney to ask, but with the holiday I'll have to wait. My question is as follows.

    My husband and I are in a Chap. 7 bankruptcy case. Our last day of objections is coming up on Jan. 3rd and a discharge soon after. We filed back on Sept. 30th.

    Today we got a notice that Countrywide has petitioned for "relief from the right of stay." One of our mortgages is through Countrywide. We are NOT reaffirming the loan. What does this mean and why do they want relief from the right of stay since our home loan is covered in our bankruptcy case? We stopped paying our mortgage once we filed our Chap. 7 case.

    Any info to help me better understand would be great.

    Thanks in advance!
    Filed Chp. 7 (asset) bankruptcy w/attorney 9/30/08
    341 meeting scheduled 11/03/08
    Last day for objections 1/02/09
    Tags: None
    #2
    I believe this means that the creditor would like relief from the automatic stay. In other words they want to be able to sell the foreclosed home.

    Here is a more thorough explanation for you:

    MORANLAW.NET
    http://www.moranlaw.net/stayrelief.htm
    My comments are solely based on my opinion. The information and links that I have
    posted are provided solely for informational purposes, and do not constitute legal advice

    Comment

      #3
      Originally posted by grifterbank View Post
      Ultimately, I know I need to call my attorney to ask, but with the holiday I'll have to wait. My question is as follows.

      My husband and I are in a Chap. 7 bankruptcy case. Our last day of objections is coming up on Jan. 3rd and a discharge soon after. We filed back on Sept. 30th.

      Today we got a notice that Countrywide has petitioned for "relief from the right of stay." One of our mortgages is through Countrywide. We are NOT reaffirming the loan. What does this mean and why do they want relief from the right of stay since our home loan is covered in our bankruptcy case? We stopped paying our mortgage once we filed our Chap. 7 case.

      Any info to help me better understand would be great.

      Thanks in advance!
      Sounds like they want to lift the stay so they can get their money or kick you out.
      Filed: 11/20/2008
      341 meeting: 12/22/2008
      Discharged: 03/10/2009

      Comment

        #4
        Basically they are wanting to start foreclosure proceedings.

        Since you filed an intent to surrender and have not made payments they are wanting to get the stay lifted so that they can begin the process of getting the home back. Now common sense would tell you that this was futile if in less than 2 weeks the bk would end.

        It may still take them depending on your states laws months to actually complete the foreclosure.
        May 31st, 2007: Petition Filed by my lawyer
        July 2nd, 2007: 341 Meeting Held
        September 4th, 2007: Discharged and Closed.

        Comment

          #5
          Thank you everyone who responded. I read more online and feel I have a better understanding now.

          We have not lived in the house for almost 3 months now, so the bank can have it and start foreclosure whenever they want. I have no problem with that...
          Filed Chp. 7 (asset) bankruptcy w/attorney 9/30/08
          341 meeting scheduled 11/03/08
          Last day for objections 1/02/09

          Comment

            #6
            Then you have nothing to worry about. You may want to call them and hand over the keys to get it over with and out of your life.

            Comment

              #7
              Originally posted by Tbornetun View Post
              Then you have nothing to worry about. You may want to call them and hand over the keys to get it over with and out of your life.
              Foreclosure is a ton more then handing over the keys or just kicking you out. It could take months to foreclose depending on the state you live in. PA it is a minimum 260 days to foreclose.
              Chapter 7 07/30/2008
              341 09/17/2008
              Discharge 11/21/2008

              Comment

                #8
                The OP doesn't even live there anymore, there is nothing wrong with handing over the keys and getting it over with. The banks would prefer it and it would make it easier on everyone. There is no need to prolong the process if the OP doesn't need to. NONE of the utility companies in MN will shut off your utilities or take it out of your name until the bank has taken possession. Half of our clients are paying utility bills for months on homes they are not living in. It is a pain in the ass and a waste of money and time.

                Comment

                  #9
                  Our attorney mentioned that we could give him the keys and he would mail them to the mortgage company. I understand the foreclosure process is still a "formality" that has to take place even with bankruptcy. I am eager to get the house back to the bank. The sooner, the better.

                  It was an interesting comment about utilities. We had them shut off when we moved out, but went over there a couple of weeks ago to check on something and the electricity was still on. We have received no bills for utilities after moving and made sure they were all shut off originally. I wonder if the bank had them turned back on???
                  Filed Chp. 7 (asset) bankruptcy w/attorney 9/30/08
                  341 meeting scheduled 11/03/08
                  Last day for objections 1/02/09

                  Comment

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