Ok. We were days away from losing our home in August when we filed bankruptcy. We put past due payments into our plan. We are current on bankruptcy payments. However, after making 2 mortgage payments we got behind again in our mortgage due to short term layoff and medical leave. I realize now we cannot afford to keep our home. What happens now? We are 4 months behind now. We have no equity in the home and actually owe more than it is worth due to a lovely 80/20 mortgage. I am in Ohio. Will the forclosure process start completely over or does it start where it left off? and what about the payments included in my plan? We haven't heard anything from the mortgage company(countrywide) except a bill once a month. I got one yesterday due March 1st(and they only show an amount due for the current month-not past due). Saxon our 2nd mortgage company hasn't sent anything at all. Will we recieve any notice at all or just a knock saying get out you don't live here anymore? We are at 100% payback in 36 months if it matters.
-
-
Well once you are delinquent on the mortgage, the mortgage company will ask the court for a relief from stay. This means that they can start the foreclosure process. If you wanted to surrender the property then it would quicken the process but the foreclosure will still take place. -
so then would the foreclosure process start over? i guess i'm not being real clear, sorry. The house(before the bankruptcy) had already been listed in the paper for auction. Do they have to give us notice and relist again?Comment
-
yes it starts all over again-the foreclosure process.Comment
-
thank you.Comment
-
It may depend on how much time has passed between the time the foreclosure started, and at what stage of the foreclosure process you filed BK.
Regardless, they have to lift the automatic stay of the BK, but my understanding is, they pretty much can pick up where they left off. The probably have to re-list the house for auction, but they, generally, do not have to start from the beginning and re-notice the foreclosure.Comment
Comment