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    #1

    Summons Served!!

    Hello again. Its me with all my questions. First let me say I appreciate all the direction and helpful information I have received to all my questions!
    I was served today with a summons from my mortgage company regarding foreclosure. It states I have 20 days to 'answer'. I am planning to file bankruptcy the 2nd week of december when i fall under the median income based on my last 6 months income (and I have the money together to pay the attorney!) and planned to surrender the house. Do I have that much time to file (mid december)? It may be the END of december by the time my attorney gets everything ready to file. Like I said, I plan to surrender the house, but I dont want to have a deficiency that I will have to pay because the foreclosure went through before the bankruptcy was filed. I SO would like to call the mortgage company and tell them to just take the house & I will turn over all the keys!!..but, I owe back taxes and I dont think they would go for that
    And..what happens after the 20 days to answer the summons is up??
    Thanks for any input!!!
    Tags: None
    #2
    I'm not sure if you would want to wait much longer to file. If it were me, I would file before any judgements were/are filed and granted against me. My thoughts though.

    As for the 20 days; basically, if you don't respond, your silence will give the creditor a granted motion (I believe this falls under agency law).
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

    Comment

      #3
      It sounds like they have to go through Judicial Foreclosure in your state so you probably have time. Based on your IP address, it looks like you are NY.

      The 20 days is just the timeframe for you to respond if you want to defend the foreclosure. Once the 20 days expires and you haven't responded, the mortgage company will get a decree of sale from the court (this will take about a week), and will have to set an auction date. The auction date will be roughly 4-6 weeks from the time the decree of sale is issued.

      So you should be ok if you file the second week in December, however, you will have to have everything ready to go, and realize that most attorneys take about a week or two to turn a case around. So if you don't visit the attorney until the 2nd week in December (and with the holidays), you will proably be lucky to have your case filed before Christmas.

      Comment

        #4
        Thankyou for your replies. Yes, i am in NY, which is a judicial state. I think I will call my lawyer this friday and take some $ in to him and get the ball rolling. Maybe I will tell him to hold off on filing then (and make my final payment to him) by Dec 8th. I will have all but 3 pay stubs for November to give them, but I will know exactly how much I will make those 3 weeks, so maybe he can have everything ready to go and when the final payment is made on the 8th, he can file right away ?? Hopefully anyway

        Comment

          #5
          Currently, NY foreclosures are taking approximately 285 days if all goes smoothly. It can take up to 18 months.

          I was served on my NY home last November. Sale date set for January 2007. That's 14 months, then 30 days past the sale date for eviction.

          You've got plenty of time to move out.

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