Stopping a Sherrifs Sale

[zandarswap]

How quickly does a bankruptcy stop a sherrifs sale? The bank has finnaly disclosed to me the "terms" of the deal to save my house (they claim to have had to "find out" the lawyers fees" after a week of hedging. 4 Days before the sherrifs sale! and on a saturday. The home gets sold on Tuesday. And I have no money to pay what they are demanding.
That gives me one day nusiness day to file bankruptcy. Does a bankruptcy on Monday stop a sale on tuesday? If it is filed electronically....
The home is in Cook County Illinois

Thanks

[poorme]

That's going to be tough. Don't know if your bank is local or out of state, you could be facing several hours of time-zone warp. Technically, yes the filing can stop the sale, but the mortgage co's lawyers would have to contact the clerk to pull the home off the sale list, and getting that started will definitely take all of Monday...theoretically, the lawyer should call the court by mid-afternoon. I was able to stop a sale on Tuesday but had made the deal on Friday before...don't know about electronically filing, you may have to file an emergency petition in person...have you been thru the pre-cert process yet for the bk?

[lrprn]

How quickly does a bankruptcy stop a sherrifs sale? The bank has finnaly disclosed to me the "terms" of the deal to save my house (they claim to have had to "find out" the lawyers fees" after a week of hedging. 4 Days before the sherrifs sale! and on a saturday. The home gets sold on Tuesday. And I have no money to pay what they are demanding.
That gives me one day nusiness day to file bankruptcy. Does a bankruptcy on Monday stop a sale on tuesday? If it is filed electronically....
The home is in Cook County Illinois

Thanks

If you are able to file bankruptcy before Tuesday, your house will be protected by bankruptcy's automatic stay. Your mortgage company deliberately stalled you as long as possible to make filing as hard as possible. - that's the name of the financial game these days.

You must file tomorrow (Monday) as early in the day as possible to have any chance of stopping the sale on Tuesday.

Have you looked at the bankruptcy forms that must be filed yet? Have you discussed bankruptcy with a bk-specialty lawyer? (Most have free initial half-hour to hour consultations so no money isn't a barrier.)

If you answered no to both questions and want to file bk to save your house, then you are trouble. Normally I would never recommend this, but if you haven't researched bk and spoken to a lawyer yet, you have just one day to get filed. Go get your yellow pages and under Bankruptcy find the names of the bk specialty lawyers in your area. Choose one (not the one with the cheapest rates!) and call him/her first thing tomorrow morning and explain your situation. If they list their email address, email them today and then call them in the morning. You may be able to get a 'bare bones' filing done quickly through a bk lawyer's electronic filing capability. If that can be accomplished, then the lawyer has 15 additional days to turn in the rest of your bk paperwork. This is so far from the ideal I hate to even mention doing this, but if you've done no prep work ahead of time it's the best way to get your filing done and recorded by the courts in one day.

One last piece of advice - take a hard, objective look at your house. Is the house a financial drain causing you to carry more debt than is payable? Depending on Illinois home exemptions, the value of your other assets, and the total owed for all of your other secured and non-secured debt, filing bankruptcy just to save your house at the zero hour could be the worst decision you could make. How much additional debt and what kinds of debt are you carrying besides your house?

[SinkingFast]

Yep! New Law, you cannot file BK on the day of the Sale and stop the Foreclosure. You have to file in advance of the day of the Sale to stop a Foreclosure under New Law.

A bare bones filing, as suggested before, is your only hope at this point. At that, you aren't gonna get to meet with several attnys and find the one that works best with you. You'll be stuck with the first one you speak to that will take your case. AND, you're looking at gathering together massive amounts of info and documentation that has taken many of the rest of us weeks to accumulate.

Lrprn gave you some good advice. You need to take a good, long, hard look at the finances of your home in relation to your overall expenses. Is the house bleeding you dry, causing you to accumulate debt in other areas of your life??

Maybe the best thing to do is allow the Foreclosure to proceed forward. Let the Bank sell the house. Find yourself a place to rent. Take your time to Consult with attnys and gather your docs and file your BK properly. Then you can discharge the deficiency balance of the house in the BK.

[anonymuse]

You're pre-BK counseling MUST be completed prior to filing.

[lrprn]

You're pre-BK counseling MUST be completed prior to filing.

Anon is absolutely right. Since you've had sufficient notice before now about the foreclosure sale, even if you didn't know the exact date until yesterday, there are no exceptions. You MUST complete your required pre-bk counseling BEFORE filing and have the certificate to file with your other forms. With a one day time frame, that means you HAVE to do this counseling today or tomorrow very early in order to have any chance at all of getting your certificate in time for the filing to move forward by end of business tomorrow. Since the live classes are typically full for months in advance, you'll need to take an online or telephone course.

The online or telephone course you take MUST be one approved by the US Trustee's office. Here's the link to all approved courses by state - http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm

Frankly getting the required counseling done in time is likely to end up being the stopper for you and remove bk as an option to save your home. Personally I haven't heard of anyone taking their course and then getting their successfully completed counseling certificate back to a lawyer or the debtor within a single day. Has anyone else? (Sorry to have to be so blunt about this when you are so stressed and upset about the fast-approaching loss of your house )

[SinkingFast]

We used CCCS of Atlanta and there was a 24 hour turn around time. We did the course one day and got the Certs the next day via email. It would have taken a week if we had wanted the Certs sent via USPS mail.

[Minnymouth]

Question,

Why did you wait till right before the auction to start asking questions???

Knowing that they were going to sell it? I'm sure you were notifed a long time ago....

[zandarswap]

?

Why would you post something like that? Get a hobby.

[SinkingFast]

Why would you post something like that? Get a hobby.

Most States require the property owner be notified in advance of the Sale.

Generally, property owners get 30 days notice, by USPS Certified Mail. Some States do go as short as 20 days notice of Sale.

Minny's comment was not at all out of line. The OP here was given notice some time ago of the pending Foreclosure Sale and chose to wait until the weekend prior to the Sale to try an Emergency BK Filing to stop the Sale.

That's way beyond being "A day late and a dollar short". Especially under the New BK Law.

[lrprn]

I wonder how this turned out?

Wen, if I was a wagering girl, I'd bet double or nothing that they lost their house today .

How I wish she hadn't waited so long to come ask for our advice - just 4-5 days more could have made all the difference. However, if they did lose the house today to foreclosure, it could end up being for the best if the house was a huge money drain for them. At least this way they are out from under it and hopefully that will improve their finances overall.

[SinkingFast]

How I wish she hadn't waited so long to come ask for our advice - just 4-5 days more could have made all the difference. However, if they did lose the house today to foreclosure, it could end up being for the best if the house was a huge money drain for them. At least this way they are out from under it and hopefully that will improve their finances overall.

AMEN!! Lrprn!!

[Fedler]

DAMN!
I wish I were a moderator. Then I could say crap like Minny does and get away with it. If I had said the exact same words, I'd be banned. But Minny is a moderator, so she can say what she wants.

Shouldn't there be standards here that apply to EVERYONE?

[SinkingFast]

DAMN!
I wish I were a moderator. Then I could say crap like Minny does and get away with it. If I had said the exact same words, I'd be banned. But Minny is a moderator, so she can say what she wants.

Shouldn't there be standards here that apply to EVERYONE?

Most times, it's not what you say, Fedler. It's how you say things.

OFFENSIVE!

ABRASIVE!

RUDE!

[Jman30]

When we first went into BK, I can remember telling my attorney -- "losing our house is NOT an option".

Several months in, we had to face the reality that we had over mortgaged our house and had to let it go. Thank god we realized that at the same time we converted to a Chapter 7 so we could just "let it go" and get the mortgage discharged.

Personally, that Sheriff's sale can't come fast enough for me! I just want to get it over with

I said the same thing right before declaring my BK. I qualified for a 7 under the old laws, but we had worked so hard to get the house in the first place, I was determined NOT to lose it. Besides, it wasn't the house that was dragging us down, it was old credit card debt.