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How long until the bank files for lift of stay?

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    #1

    How long until the bank files for lift of stay?

    Question for other people that have surrendered property in a 13. How long does it usually take for the bank to file to lift the stay so they can foreclose on the home? I'm also assuming that when the home is surrendered the only way for the bank to take possession of the home is to foreclose, correct?

    We have a rental that is being surrendered in our 13, we filed back in 12/09 and were confirmed on 2/10. I saw that a week after we filed the bank (Bofa used to be CW) put in a cancellation to the notice of default on the property with the county recorder.

    We haven't paid the house in over a year (!) and the home is located in an area devastated by foreclosures (Northern Nevada) so I expected the bank to take their sweet time foreclosing, but I'm curious how long do they normally take? What has been your experience with BofA? What is interesting in all this also is that the bank has continued to pay the taxes on the house even though the escrow account has been empty for a long time, this is probably standard procedure by the bank?
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    #2
    TexasEx... I am about to let a rental property go (also with BOA) curious as to who pays the insurance on the property? (Glad to hear BOA is picking up the taxes)

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      #3
      Bofa is also paying the insurance on it. My agent sent me a notice since my insurance just renewed a couple of months ago. I don't have access to the account online anymore since we filed, but I'm just assuming that Bofa pays out of the escrow account which at this point will be deeply in the red. I'm assuming when the house gets foreclosed they would have had to pay off the taxes anyways so might as well keep the taxes paid up to date and the insurance current?

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        #4
        Smaller banks will file on the same day as your 341.
        All information contained in this post is for informational and amusement purposes only.
        Bankruptcy is a process, not an event.......

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          #5
          It took PNC Bank 21 days to file their motion for relief for my rental I'm giving up. It is then 30 days to grant that.
          19% dividend

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            #6
            Was that 21 days from the date you filed, your 341 meeting or your confirmation? Either way that seems very fast and sort of what I expected in our case. It has been 3 months since we filed, 2 months since our 341 and 6 weeks since our confirmation. I have not heard a thing regarding the lift. I'm checking Pacer on a daily basis sort of expecting to see the motion but so far not a word. Maybe it has to do with how backed up BofA is where the foreclosure is happening?

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              #7
              21 days from the date of filing. The stay was granted the day after the 341 (when the 30 days for the stay request expired).

              I wish they had waited, I make $1000 a month off of renting it.
              19% dividend

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                #8
                Yeah, its funny that you mention that. We make $1400 a month on our rental since we stopped paying the mortgage on that last year. So far I've saved every single dollar that we get on the rental since filing so thankfully we now have a decent emergency fund. I just don't know how much longer to expect receiving the money. I guess the longer they take to file the motion the more we benefit.

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                  #9
                  Yeah, I now hope they drag their feet on the foreclosure but they already sent me the NOD :-(
                  19% dividend

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