Just wondering how many of your mtg lenders have actually had the automatic stay lifted to proceed with the foreclosure?
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Mine did.......... -
Ours did. Or, will tomorrow
We had hoped the trustee would want to sell it but prices are tumbling rapidly here and I just don't think its going to happen.
So, we filed BK 10/31. 341 on 12/9, and lenders motion to lift the stay and proceed with foreclosure is on 1/28. BTW, we were current on everything when we filed.....somehow
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The mortgage lenders will normally file the motion to lift the stay after the 341........waiting to see if the Trustee wants the property or not. In most cases, the Trustee will abandon the property (will state this at the 341) because the debt load exceeds the home's value.........so.........shortly afterwards, the lender will file the motion to lift the stay when the lender sees that abandonment of the property.
In any case, our lender filed the motion to lift the stay within the month following our 341.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
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Mine did. Right after the 341 mtg, and filed for foreclosure about 2 weeks later.Comment
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Ours did a year after we filed (and had not made payments). Three months later we got a letter asking us if we would be interested in working something out with them.Comment
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Well, I know our trustee will want absolutely nothing to do with ours! LOL.....We owe almost double what the home is worth! At least I know that by filing it'll give us an extra 2-3 mos in the home though.Originally posted by BassBoy View PostComment
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