Mtg Co Files for "Relief of Automatic Stay"

[BillyRip]

What the heck is that? The hearing date is 4 days before my 341 hearing. What do I do now? I'm giving the house up, but I was told by my Atty that they had to give at least 4 mos. warning to foreclose?

[Mi Bankruptcy]

I believe, but I am not sure. The relief from stay is so they can actually start contacting you. So, if they are approved for the relief of Automatic stay they can contact you and serve you the foreclosure paperwork and begin the process.

[dingdong]

They are asking the court to proceed with the foreclosure process, thus limiting the stay only in the instance of the mortgage/home.

IF the motion for relief is unopposed, ( you don't show up to protest it, it will more than likely go forward) Depending on your states laws, the foreclosure process starts all over again, so lets say you are in California, they have to provide the statutory 21 day notice of trustee sale, then have the auction, then record the deed, and then you will probably be given the eviction notice.

Where you live depends on how fast the process takes and the type of foreclosure process that is used in your state.

And in my California example, Just because they are granted relief on say March 9, it doesn't mean the sale will take place 21 days from that date, it ususally takes the lender a few weeks to get the ball rolling on the foreclosure process, unless they are very gung ho to sell your home and are very on top of things. So in California, you would probably be loking at a couple weeks past the date they get relief from stay + 21 days of publishing for the Trustee sale, + maybe a couple of weeks to record the new trust deed, and then eviction notice.

Again, depends on your state and the method used for foreclosure, judicial vs non judicial and the applicable timelines your state requires in foreclosure.

[dogbone33]

It's normal since you are giving up the house. It will still take them time to get the foreclosure moving.

[BillyRip]

My Atty says I still get 4 mos. (Colorado law?) notice on the foreclosure sale date, UNLESS there was a sale date set before I filed.

Wells Fargo and I set up a payment schedule to try to get my mtg current. I made the first payment and then decided to move forward on the BK. there wouldn't have been a sale date at that point, would there? Wouldn't this have come certified or registered mail?

Also... I may get forced into a 13, and the 341 hearing is three days AFTER this hearing. If the Trustee forces me into a 13, would that put an end to this motion while i start the 13 process?

I'm freaking out a bit as I thought I would have a few months to get packed and moved in to my brother's place or find a rental. Now I might get 10 days to vacate?

[dingdong]

Look at this link, it gives you the timeline for foreclosure in Colorado

You have time, don't worry.
http://www.coloradoforeclosurehotlin...60,11,Colorado Foreclosure Process

[BillyRip]

Look at this link, it gives you the timeline for foreclosure in Colorado

You have time, don't worry.
http://www.coloradoforeclosurehotlin...60,11,Colorado Foreclosure Process

Thanks DD! You won't believe it but I actually just ate a Ding Dong. LOL!

[dingdong]

You're quite welcome!

And, yes, my screen name can inspire the munchies!

Ding Dongs are yummy!

[relief13035]

If it makes you feel any better, we are surrendering 2 rental homes. One of them got the relief from automatic stay back in November and we still have heard a thing.

[BillyRip]

If it makes you feel any better, we are surrendering 2 rental homes. One of them got the relief from automatic stay back in November and we still have heard a thing.

I'm assuming that you meant to post that you HAVEN'T heard a thing. Good!

It's a cheap condo that has lost $35K in equity in 5 years. I can't imagine them moving too quickly for a condo that they can't sell for $125K.

[TEW]

if you are letting the house go you do absolutely nothing you will get mail but you can ignore it. they will tell you when you need to leave.

[dingdong]

You might even get a Cash For Keys offer too!

You never know!