Fish-Or-Cut-Bait Time---Help

[feelingnutsy]

Let me first apologize to the mods and other board members for what appears
to be a seeming repetition of other inquiries I've made on this subject lately.
However---my attorney keeps revealing things to me that are leaving me be-
fuddled---and I've told him so.

I'll be seeing him on Monday to definitively decide whether or not to file bk
as of July 1---or go through the foreclosure sale on July 7---and then file bk
at the end of July.

He honestly led me to believe that I'd be doing a one-step process---including
the house in the bk---and then getting IIB on my credit report.I know that my
credit is already stinko---but I just hate the thought of a double whammy
with a separate foreclosure---even though I want to get out of and stay out
of the real-estate market. Any future home for me will either be through in-
heritance---or by paying cash for a small place in a much cheaper area.

What he's now telling me is that there is a provision on the Statement of
Intent for a house in bk---whereby the trustee has to tell you to move out---
which means that I couldn't stay in my house much longer---and wouldn't
have a chance at cash for keys---cash which I could certainly use.

If this requirement is nationwide---then why aren't more people being forced
out of homes that they've surrendered in a C7 bk?---since we'd certainly then
have much more of a homeless crisis than we already do in this country.

I'm not saying that he's a liar---he just keeps surprising me with revelations.
At this point---I'm betwixt and between---and as much as I've tried to edu-
cate and inform myself about the facets of bk/fc that pertain to my situation-
I've never seen this business of trustee tells you when to move on this board.

For what it's worth---I'm in a faster foreclosure state---and there's not a clog
of houses in the local courts like in so many other areas.

Please---anyone---could you address this matter?

Thanks very much---and again---pardon any repetitions.

[keepmine]

Why not get a 2nd opinion? Schedule a consultation with another bk lawyer and see what they say.

My personal opinion- I don't see how a trustee can inject themselves into the mechanics of a FC. Your state has specific laws and timelines to deal with this process.

[feelingnutsy]

Hey---keepmine---agreed---and a trustee's telling people when to move
is something that I've never seen anywhere---on this board or elsewhere.

[SMinGA]

There is a statement of intent - where you have to indicate your intent on secured property. And since you're behind on the mortgage, nothing you can say on the SOI can change that.

Filing BK will delay the foreclosure - but if your state is quick & lender is aggressive they can file to lift the stay in order to proceed. Perhaps it buys you 20-30 days depending on how quickly they file, and how quickly your BK court schedules a hearing. (Though I'm not even sure if a hearing would be scheduled since you're behind?) If the lender does not get the stay lifted, they can proceed with foreclosure after discharge, so a 3 month delay roughly.

Since you indicate the foreclosure process in your state is fast, that may be the bigger issue & perhaps your attorney is not explaining things well. While some people do get 6-18 months in their home, its because of a slow process where they live. Only a few months of a delay is due to the ch. 7.

[feelingnutsy]

Thanks for the feedback---SMinGA---and there does seem to be a tendency
for a lender to file the MTLS probably within a week after filing for bk---and I
guess that I'm just having a hard time wrapping my mind around the fact that
the trustee gets involved in telling someone when to movie out of a surrend-
ered house in a C7---I've never heard of this before---and I don't like the
idea of a two-step/double-whammy process---except that maybe it's almost
equal-schmequal---in terms of seeing a foreclosure sitting next to a bk in the
very same timeframe versus bankruptcy(IIB)---IIB still says foreclosure---and
my lawyer seems to feel that in my area---fc is better---in order to better
control the eviction process---meaning that he has heard that evictions are
backed up---and it could take as long as 60 days for the whole process--thus
buying me some time in my house---which is not a bad thing to consider.