need help understanding process

[B65]

ok so discharge Chapter 7 should be early feb. we are not going to reaffirm the car, just keep paying and hope for the best. The house though we are thinking of letting go as we feel the high mortgage payment will hinder us in being able to save. I am paying it though until discharge as i do not want to do anything in the bankruptcy process to complicate it.. my questions are...
once case is closed and I sop paying the mortgage i do not have to notify anyone right?
Also I do not understand the process of foreclosure, I know I have to be 90 days late then they apply to the courts to foreclose but what is the sherriffs sale? we do not have a sherriff so is that our local police? do they put things on your window while still living in it? will there be people in my yard at a sale? I do not understand any of it.. can anyone help?
thinking of missing feb payment....

B

[B65]

this is our timeline in our state

does day 1 mean the 1st day after 90 days late? also looking at this when should we look to be out with out any fuss or upset.. (I have small children).... wondering a timeline for me from the first missed payment...


Day 1-15 Title search ordered; Complaint and Summons issued

Day 30-75 Service completed, Complaint filed on return date; Defaults entered, case claimed for Judgment

Day 90-150 Judgment entered; Title vests in Strict Foreclosure or Sale held in Foreclosure by Sale

Day 180 sale confirmed

B

[B65]

I think

from what I am looking at... from first missed payment, 5-6 months right? also is it worth trying to sell it in that time even though not paying? I would have to pay back the 5 months I had saved plus late fees too so not worth my time when there is no equity right?
B

[keepmine]

Were I you, I'd stop paying now and stay in that house until they blasted me out.
With no equity, let the lender deal with the sale.

[TEW]

B65
I can tell you that I am letting my house go BUT I sold it on a short sale. I almost wish i had not sold it. It ends up costing you money and time. If you aren't going to make anything on the sale it's jsut not worth it. The buyer may want you to fix things you will have to pay transfer fees.

[StartingOver08]

Were I you, I'd stop paying now and stay in that house until they blasted me out.
With no equity, let the lender deal with the sale.

Yes. This is right. Right now in our area you can get easily 8 to 12 months rent free while they go through the process of foreclosure (that is even without the BK delay!). Save your money while you can.

[Woah]

We made our Oct. 1 payment and filed BK 0ct 31. We haven't made a payment since and just got a notice from our lenders attny. today that they have petitioned for relief from the stay. I called our attorney and asked how soon we had to be out and its 30 days after the hearing for the relief of stay. So basically we have 53 days starting today.

Bad news for us as we had hoped for more time. We also have a young child and although he won't ever remember any of this I just want to be out before anyone posts something on my door or even comes with a notice or summons.

We have so much to move and such a drastic downsize in housing its going to be very difficult. Also, I'm about to loose my job and we are having to do some rehab on the house we are moving to and are having a difficult time coming up with money to buy the toilet and carpet etc. Its going to be a really difficult 2 months.

[B65]

so sorry to hear that

we filed the same day Oct 31st. the fact that they filed a relief from stay does that affect your discharge at all extend it? I am in 2 minds on wether to make Januarys payment or not.. if I do not then I will be around 6 weeks late by the time my discharge is due... wonder if they would notify the courts that early on that i did not pay?

Good luck to you, i wish you all the best ....

B

[Woah]

I don't think it affects our discharge date. The relief of stay is pretty normal if you are surrendering I think. I didn't need the house payment to pass the means test or whatever sch. j or something. We showed about -1300 per month even with just our new rent amount. I can't be of much help. I don't know if missing payments that you needed to make the c7 cut matter or not after 341.

Amazing thing is we were current on everything up to the month we filed with no late payments really. Its like the floor dropped out from under us. I was going to reaffirm my car and now I'm just hoping to make the payments and do a ride thru as long as I can. Surely things will turn around soon lol.

good luck!

[StartingOver08]

I don't think it affects our discharge date. The relief of stay is pretty normal if you are surrendering I think. I didn't need the house payment to pass the means test or whatever sch. j or something. We showed about -1300 per month even with just our new rent amount. I can't be of much help. I don't know if missing payments that you needed to make the c7 cut matter or not after 341.

Amazing thing is we were current on everything up to the month we filed with no late payments really. Its like the floor dropped out from under us. I was going to reaffirm my car and now I'm just hoping to make the payments and do a ride thru as long as I can. Surely things will turn around soon lol.

good luck!

Actually, I just found out how this works. According to my attorney, some of the lenders file the relief of stay others wait until the discharge is issued and then pick up right where they left off in the FC process.

I also am surrendering my house and a rental property that is now vacant. My last payment was May 2008 so I was served NOD and foreclosure summons prior to filing BK. My actual file date was 9/30/08. My attorney says that the trustees are just now beginning to ask the debtor to move from the property 30 days from the 341 (fairly new occurance in our district). He tells the trustees there is no case law to support this stance. Once the hearing is over he then advises the debtor to wait until the trustee makes the first move. He has not had the trustee file anything to get the debtors out. As of today he told me to stay until I get the notice of judgement - and I will have 30 to 45 days from that point on to move. He says that gets me at least another 60 days from today and he has seen it take up to 8 (eight!) additional months.

I thought you should know in case it is the same in your district. A friend of mine with a different attorney and a different trustee in the same district decided to move out within the 30 days because she was scared into it by the Trustee and her attorney did not say anything to the Trustee about it.