Surrendering the house after 341 question.

[mgmtrnr]

I have already filed my intention to surrender my house.

My 341 is on December 30.

What is the normal timeline for leaving the house??

Is my mortgage company going to want me out on Dec. 31??

[Tbornetun]

No, the mortgage company will have to go through the whole foreclosure process before you need to be out. Check with the process for your state to determine when you will need to be out. Some people have over a year before they need to leave.

[StartingOver08]

I have already filed my intention to surrender my house.

My 341 is on December 30.

What is the normal timeline for leaving the house??

Is my mortgage company going to want me out on Dec. 31??

No. You have time. I had a funny conversation with the Bk dept of my first mortgage (not concerned about the second as I am about $200k upside down and it is way unsecured).

I called the mortgage company to discuss the surrender. They asked if I had received communication regarding the sale. I said no. They said it was scheduled for sale on Jan 6, 2009. (I am supposed to have my discharge sometime around Jan 3. ). So I said really - you think they would give me more notice than 30 days. She says: "Well, that is when the sale is scheduled". I say - so when do I need to be out? I can give you the keys right away and shut off the utilities and have the lawn man stop. She replys: That was when it was sheduled...but it doesn't always sell then. I said when is the sale? This went back and forth for maybe five minutes. FINALLY she admits that the actual sale dates are usually much, much later than the scheduled dates and I have several months at least. I talked with a neighbor down the block - his actual sale date was 12 months AFTER the original scheduled date. The moral of the story is....you have lots of time. (At least in our area)

[mgmtrnr]

Now, I filed Ch 7 on Nov. 24 because the house had already gone through foreclosue and was supposed to be sold on the "courthouse steps" on Nov. 26.

Will this make any difference in the timeline or will the mortgage company have to "re-start" foreclosure proceedings after my 341?

[Tbornetun]

They will just continue where they left off.

[journey]

StartingOver08... Are you saying you have a Unsecured Loan for 200K ?

Her is waht happen to me i went to a credit union about 2 years ago and asked if i could borrow $60.000 on a Line of Credit. The lady asked me what did i have to put up for collaterl i told some land about 3.5 acres.
So she gave me the line of credit as a heloc monday when i went to the 341 meetin a attorney from that Credit Union showed up.
The trustee asked me if i plan on surrendering my house that i owed on to the Credit Union i told her there is no House its just a piece of land. The attorny said i was told there was a house on the land and i said no just land.

So i still owe $57,000 on the land and its appraised for 1$5,300 my attoreny says the trustee will not let me Reafirm that land but the attorny thinks she can Ride Through and i can still pay and keep it.

Has anyone ran into this problem. Seems like the Credit Union thought there was a house on the Land but its a vacant land and they shouldnt of let me borrow $60k on a
15K valued piece of land but they never did a visual check on the land they no there want a house. I m not going to be suprised if some one at the credit union doesnt get fired over this.

[journey]

Ok so im up side down on some land that the credit union thought there was a house on the land appraise for $15,300 but they Loaned Me $60,000

What could happen in this matter.

Any thoughts welcome.

[mgmtrnr]

They will just continue where they left off.

I filed my accelerated Ch 7 on Nov 24 because my house was supposed to be sold on Nov 26. You said they will just "continue where they left off" so that is what has me wondering if I will have a few days notice to vacate or if it will take the mortgage company a while...weeks or months...to get the foreclosure up and going again?

I am in NC if that matters.

Thanks.

[justbroke]

I filed my accelerated Ch 7 on Nov 24 because my house was supposed to be sold on Nov 26. You said they will just "continue where they left off" so that is what has me wondering if I will have a few days notice to vacate or if it will take the mortgage company a while...weeks or months...to get the foreclosure up and going again?

Procedure upon dissolution of order restraining or enjoining sale, or upon lifting of automatic bankruptcy stay.

(a) When, before the date fixed for a sale, a judge dissolves an order restraining or enjoining the sale, he may, if the required notice of sale has been given, provide by order that the sale shall be held without additional notice at the time and place originally fixed therefor, or he may, in his discretion, make an order with respect thereto as provided in subsection (b).

(b) When, after the date fixed for a sale, a judge dissolves an order restraining or enjoining the sale, he shall by order fix the time and place for the sale to be held upon notice to be given in such manner and for such length of time as he deems advisable.

(c) When, after the entry of any authorization or order by the clerk of superior court pursuant to G.S. 45‑21.16 and before the expiration of the 10‑day upset bid period, the foreclosure is stayed by the debtor filing a bankruptcy petition and thereafter the stay is lifted, the trustee or mortgagee shall not be required to comply with the provisions of G.S. 45‑21.16, but shall advertise and hold the sale in accordance with the provisions of G.S. 45‑21.16A, 45‑21.17, and 45‑21.17A. (1949, c. 720, s. 1; 1993, c. 305, s. 13.)

[mgmtrnr]

Thanks for the info!!

I have already filed my intention to surrender the house so I'm just trying to gauge how much time I have before I move.

[justbroke]

Thanks for the info!!

I have already filed my intention to surrender the house so I'm just trying to gauge how much time I have before I move.

Having posted what I did... you just never know. The lender's trustee could take their time posting a new sale date. Then the actual sale date may slip. It could be weeks to months... after the Relief from Stay is granted.