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timeline after relief of automatic stay

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    #1

    timeline after relief of automatic stay

    Question about timeline...

    we are in Missouri, I have read that it is a 2-3 month process til foreclosure can be complete. When does that timeline start? We have rental properties that we are foreclosing apon. We are probably until most in that the faster the better! We have received the request of relief of automatic stay from the lender's attorney with a court date set for May 2nd. Is that when the 60 day countdown starts? We obviously are not contesting. I am trying to get an appx on how long we will be responsible for the upkeep of these properties and can't seem to find anything with a timeline post relief of automatic stay! Any help would be wonderfully appreciated!

    Thanks!
    Hopeful!
    Tags: None
    #2
    Did you get a Notice of Default and Acceleration prior to filing??

    If you did, once the hearing for the MTLS occurs, the Lender could begin advertising immediately. In MO, the Lender is required to advertise, in a local newspaper, for 30 days prior to the Sale date.

    Your Foreclosure Sale could occur as quickly as 5-6 weeks after your MTLS hearing.
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

    Comment

      #3
      Humm...we did not get a notice of default prior to filing. Crazy but we were not "late" on any payments on the day we filed! We filed on Feb 26th, mtgs were 26 days late on the day of filing! We stated intention to surrender in our BK paperwork and as you know recieved the MTLS with hearing set for 5/2. I wonder if the fact we didn't receive the notice of default could slow things up...I am thinking not since we intend to surrender and are not contesting on the 2nd! What do you think? SF...you are just too good to me today!!

      Comment

        #4
        Could go in the 5-6 week timeframe since you filed an Intent to Surrender.

        Really depends on the Market.

        The Lender could want the property available to keep their options open. May Foreclose right away, may not. Depends on their balance sheet and how many REO properties they're holding right now.

        We'll hope for sooner rather than later!!
        Filed Ch 7 - 09/06
        Discharged - 12/2006
        Officially Declared No Asset - 03/2007
        Closed - 04/2007

        I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

        Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

        Comment

          #5
          Thanks...again!!

          Comment

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