Filing this Friday BK... How Long do I have?

[FLstudent]

Me and my ex-fiance stopped paying for the house in AUg. b/c of financial issues I am forced to file BK now that I am single, but I still live in my house. After I file, will they automatically foreclose the property? or will they still have to go after my ex (since the house is on his name too, but he's not filing BK). I'm unsure how its going to work out?

[HHM]

They will eventually start foreclosure. How long depends on which state you live, and where are you already in the foreclosure process. You have some time, the BK will temporarily stop the foreclosure, which buys you about 45 days. The lender will likely file a motion to lift the automatic stay and then proceed with foreclosure from there.

[FLstudent]

THank you! for the reply, I am just looking to stay at least till the end of Dec. I really have no money to move out at the moment so I hope I will have saved some by then... THANks again!

[DeadManCrawling]

As a warning, they could take a very long time to forelose. This is the other side of th coin, if you will, and is becoming more common. Some posters here have stayed in the home for years without any effort. Others moved early on, but now wish they had not, since the house is still in their names, still their problem in most cases, and they could still be there rent-free.

You may want to read some more from others who have gone through FC before deciding to move so quickly. You may have more time than you think. The 45 day period is a rough guideline, and serves as a minimum, in most cases. Some lenders will follow through quicker than others. Some banks will let it sit for so long you'd think they had forgotten.

[AngelinaCatHub]

Hold out the longer the better. Have a contingency plan of course, but as the economy continues to tank (and it is) there may be more 'Bammylaws coming that may slow down foreclosures.

Mrs. and I just noticed a mile from us, a real nice house that kids and family were always around. At this time, there are garbage cans full, grass is outrageously high, no trespassing signs on the doors, shed doors open.

Now how long do you think it will take for that house to be stripped of all it copper, lamps, air, and then live in by coke-ers? I would suggest, the mortgage company would rather have a live in protection than a vacant junk heap they cannot sell or it could even be burned down by kids wanting a thrill. 'Hub