bk7 and foreclosure question

[timetosave]

Hi everyone. I've filed bk 7, waiting for a discharge right now. I'm also letting go of the house. The last I heard was that the motion to lift the stay requested by my mortgage co has been granted by the court. In Wiscosin (where I live), there is a 6 month redemption period (which begins when the judgement of foreclosure has been entered) before the house can be put up for auction. Does anyone know if the redemption period can be shortened since I also filed for bk, or does the mortg co still have to abide by this? I know I could ask my bk attorney, but he doesn't seem to be too familiar with the bk timeline. I've just been reading a lot to try to figure out when I can expect to prepare to move.

If I really do have 6 months from the time the judgement is entered, then I could possibly remain in my home until about February/March, according to my calculations. We stopped paying in March 08. Any thoughts, insights would be greatly appreciated.

[Help!]

Hey fellow cheesehead!

We are discharged and also waiting for the house to be foreclosed, but in our case we would like it to go as quickly as possible. We talked to the lender and they said they planned to ask for a shortened redemption period. I'm trying to remember exactly what she said, but I believe it was four months?? We made our last payment in Feb., filed in April and they are just now starting the foreclosure process (even though they were granted relief from stay right away). I'd say you have at least until Feb./Mar. Our neighbor's house was sold at auction 18 months after they filed for BK and it was abandoned, so I think you've got lots of time.

[timetosave]

Thanks for the info, Help. I was beginning to worry no one would be able to answer this question! Did your mortgage co only ask for a shortened redemption period because you wanted the process to go more quickly? I know I read somewhere that if the property is abandoned, the redemption period would be reduced to 4 months, so maybe that was the reason they would be able to ask for a shorter redemption time? Did you move out of the property?

So it sounds like even with filing bk7, banks would still need to abide by the redemption period. This is great news for us, as we want as much time as possible to stay in our home so that we can save up some money. Your neighbors were so lucky (guess it depends on how you look at it) that their house didn't even go to auction for 18 months after they filed bk. I hope we are that lucky, but being that our first mortg is with a smaller credit union, I have a feeling that they will move a little quicker.

We still have not received any official court papers about the foreclosure yet, but are beginning to receive solicitations from law firms (trying to get us to file bk 13) saying there has been a judgement of foreclosure entered against us : ( . Does this mean the judgement has already been entered, and we just don't know it yet? So others can know even BEFORE we receive the paperwork? I was hoping they would take a little more time to enter the judgement since the lift of stay was just granted a couple of weeks ago.

[FreshLikeADaisy]

Timetosave, if you do a search of this forum on "redemption" and "foreclosure" you should find a number of posts that reference your situation. For what it's worth, I have known a number of folks who availed themselves of six "free" months in their foreclosed houses, because they knew they had at least until the redemption period was up. So you're not alone.

Your best bet with finding out whether a judgement has been entered against you is to check with your local courthouse (whichever one deals with foreclosures; they're not always the same court, and it's definitely not federal (bk) court) either online or with a phone call to the clerk. They can easily tell you whether suit was filed, and if so, whether a judgement was entered. It's a good idea to check periodically anyway, if you think you're ever in a position to be sued for any reason.

I hope this helps. Good luck!!!