does anyone know how long a bk will stall a foreclosure? i have heard about one month, has anyone had a longer delay?
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It varies, depending on how close you are to the f/c action when you file. Some people plan to skip those 2-3 payments before filing to save funds for other purposes. Once the bk is filed your lender will file for Relief of Stay so they can pursue foreclosure - if you're lucky you can get that rescheduled or postponed another month and depending on the f/c rules in your state you could wind up with an overall 6-8 month period before sale. But in some states these things move very quickly. Whereabouts are you? -
i am in florida, i have just missed my 4th payment and altho i havent received anything yet they tell me it is was sent to lawyer for foreclosure. i did have a buyer for house ready to close, title co called for payoff and mortgage co said it was in fc.now they want lawyer fees so i will have to back out of sale, as i think i will make more staying in house. i am half owner and not married, my roommate can also file bk so i should get double the time right? i had been working with gmac homecomings from day one, they initially told me we were recommended for loan modification, then denied, then sent me another app for loan mod. no word that they would foreclose.Comment
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