Question about a 10 day stay.Focloser.

[journey]

I had my 341 monday. I just recieved a letter from my attorney its a copy from the US Bk Judge.

The letter says i intend to surrender my real property to back to the CREDIT UNION by agreement of the parteis: and for cause shown: it is hereby ORDERED that the Automatic stay of 11U.S.C. 362 is modified for the benefit of the CREDIT UNION in order to permit the Credit Union to "Forclose"its deed of trust pursant to the terms of said deed of trust and applicable law.

It is further ORDEDRD that the ten (10) day stay provided by Rule 4001(a)(3)
of the Federal Rules of Bankruptcy Procedure shall be inapplicable to this Order.


Okay, this is on a Peice of Land i bought with out a House so in other words its being forclosed? What does the 10 day stay mean?

My attorney thought if i just kept the payments current they wouldnt foreclose but i guess we were wrong on that.

Any help on this sure would be appreciated!

Thank you

[TEW]

When they get the relief from stay you may want to talk to them. they may want you to reaff the loan.

[justbroke]

Okay, this is on a Peice of Land i bought with out a House so in other words its being forclosed? What does the 10 day stay mean?

This means that the Court has allowed the lender to proceed with a foreclosure on the property. Normally, in a Motion for Relief from Stay, the court enters a new temporary stay of 10 days from the Order. This is generally so that you may file an appeal or otherwise move to vacate the order. (A cooling off period.) Anyhow, if you voluntarily surrendered the property, there's no need to impose the 10 day stay on the movant (the lender).

My attorney thought if i just kept the payments current they wouldnt foreclose but i guess we were wrong on that.

Depends. The lender will probably communicate with you to make a deal, or otherwise continue to accept payments. They may also want you to reaffirm the Note/Mortgage as well.

However, they are now in a position whereby they can foreclose on the property without any problems from the Court.

[journey]

Thanks alot for the Help.Maybe i can just keep Making Payment on the Loan and keep the Land.
The only thing im Upside down on the Proprety like i owe about 2 times what its worth.


Filed Chapter 7 on 11/08/2008

341 Meeting on 12/08/2008

[justbroke]

Thanks alot for the Help.Maybe i can just keep Making Payment on the Loan and keep the Land.
The only thing im Upside down on the Proprety like i owe about 2 times what its worth.

That's a no brainer. Just let it go!