When to file chpter 7

[justbroke]

What happens if I file now? Nobody has forclosed yet.

You surrender the home in the Bankruptcy. You will probalby be responsible for the HOA fees until the home actual sells in the Public Sale, but many lenders just pay these anyhow.

Also, your position is actually to prevent the foreclosure anyhow, so I don't know why you're waiting for foreclosure? Until the property actually changes hands, it is not a foreclosure. The foreclosure is completed when the new owner (or the Bank) gets the title and deed to the property.

Now, your strategy to wait until the last possible second... in order to save on HOA fees... really doesn't do anything, as the Bank can still just sit on the property and never actually follow through on the sale, even though they post a sale date. As I have written... I've been through 6 postponed sale dates, now a new "NOD" and cure period, and awaiting my 7th sale date in the last 12 months!

I just don't understand the waiting.

[robs47]

hummmm. if i file now, can i stay in the condo. discharges are taking over 6 months here.

what happens with the condo, can they kick me out?

[justbroke]

hummmm. if i file now, can i stay in the condo. discharges are taking over 6 months here.

what happens with the condo, can they kick me out?

They can't kick you out unless they own it. They don't own it, until it sells. it can't sell, until a foreclosure suit is filed and won. The can't file a foreclosure until...

I can't tell you how long the foreclosure will take. I can tell you though, that expecting the bank to actually foreclose, or to actually follow through on a sales date... is not predictable at all.

[robs47]

Okay I see. so by filing now. I secure the discharge of the condo and accumlated hoa fees thus far. Also eliminate creditcard judgements.

So while im in chp 7 they can strt forcloser just as they would if waited. But i can stay in the home.

[justbroke]

Okay I see. so by filing now. I secure the discharge of the condo and accumlated hoa fees thus far. Also eliminate creditcard judgements.

Exactly.

So while im in chp 7 they can strt forcloser just as they would if waited. But i can stay in the home.

They would have to file a Motion for Relief from the Automatic Stay (RFS) and have that granted. You can delay this by waiting to submit your Statement of Intentions on "surrendering" the condo 30, days after filing. That buys you at least 30 more days.

Don't be afraid to ask your lawyer about these things.