Relief from stay?

[dogbone33]

So our mortgage company has filed a relief from stay. We are giving the house up.. What does this mean?

[FloridaGuy]

they can start

That just means the judge has allowed they a relief of stay, allowing the mortgage company can start the foreclosure proces.

Even if you are surrendering you home (As we are) the mortgage company still has to go through the foreclosure process. (unless you try to speed them up)

In our case the mortgage company was allowed the relief of stay on December 23. As of today nothing else has happened.

You can find many threads here how the procedure works... first a NOD (notice of default), then (Lis Pedens) (sp?) which is when the process starts.... and so on.

How long you can stay in your home if thats what you want to do depends on how quickly they move. There on some on the board who have been in foreclosure for 14 months and still in their home.

[relief13035]

They are just trying to speed up the process. We received 2 of those on our rental properties that we are surrendering.

[freshstartfl]

I do foreclosures for a living, lol. It will take a while. First you have to get served the summons and lis pendens, and then they give you 20-30 days to respond, then they file a motion for final summary judgment, then they set a hearing for final summary judgment. I'm in FL, and the courts are so backed up here that in some counties, there's a 6-month waiting list to even get a hearing.

I recommend you respond to the summons indicating your intentions, so that a default cannot be entered against you in the suit. If you are still in the home and need to buy some time, I recommend you show up at the hearing and ask for an extended sale date. I've seen Judges go as far as granting 90 days on that. What this means is, the auction won't be held on your home until 90 days after that final hearing. Once someone buys your home or the bank regains posession of it, you still have approx. 30-45 days from then until the Sheriff is evicting you.

[Tbornetun]

Once someone buys your home or the bank regains posession of it, you still have approx. 30-45 days from then until the Sheriff is evicting you.

That varies state by state. In Minnesota you have 6 months after the sheriffs sale before you need to move.

[FloridaGuy]

90 day sale date

I have been watching the court website in my county at the foreclosures trying to get a time frame in my mind. It appears ALL sale dates are 90 days after the hearing. That started late last fall... prior to that they had been 30-45 days. But every one I've dug into since Dec. are at 90 days.

Most of the sale dates are 6-9 months or longer after the lis pendens. I saw a couple that were 14 months or more. (evidently complications with 2nd mortgages, etc from what it looked like)