Relief From Stay Questions...

[Amy26]

Hi, I have asked this question in the foreclosure section but didn't get a lot of feedback. I'm really nervous about my house...

I have renters in it and they are not very pleased that I am filing for bk. When I told them the got to live there for free they didn't react very happily. Anyways, my mortgage company filed for a relief from the stay and the hearing date is September 8th.

So, I guess they can't do anything until then... they have an attorney and the attorney also forwarded me copies of the motion and a cover letter saying they were filing for relief from stay to continue foreclosure.

So....... my question is... about how long do I have? I looked up foreclosure timelines for Virginia on the web but every site I went to had a different time frame. Ranging from 2 months to 4 months.

Does anybody know what typically happens after the stay is relieved for them? Like what the next step is after the relief?

I want to let my renters know what is going on but if I tell them something like "my mortgage company filed for a relief its set for september, but I have no idea when you should move" ... they will most likely freak out and give me grief.

I initally told them that they could probably live there till at least the beginning of next year. Is that feasable? Should I tell them to start looking for a place in Sept/Oct time frame?

Please help I'm so confused and I feel really bad for my renters...they are nice people with a little child. My husband keeps telling me to not care about them, but I do nonetheless.

[Rick9972]

I told my rentors they could stay until the BAnk throws them out. I cut their rent by 75 percent and told them that when the bank forecloses on me, I would stop collecting that much. *shrugs* they seemed tickled with it. I figure I have someone in the house to move the yard etc. As to the money it was not like they were paying the rent anyhow. So I figure if I can get a couple of hundred out of them now, why not.

[music12]

amy, why not ask your lawyer and then just tell your renters everything you know. you can't give them information that you don't have. if they freaked out about living rent-free, well then they would freak out no matter what you say to them.

if they give you too much grief, maybe consider allowing them to ask your lawyer these questions? if they hear the same thing you tell them also from a lawyer, maybe they'll understand that there just isn't any more information available than you are telling them.

[OhioFiler]

Once the house is foreclosed the new owner would have to go through an eviction process to force the tenants to leave. If the house ends up owned by the lender they may choose not to remove them as an occupied house is less likely to suffer damage.

[Amy26]

I asked my lawyer he just said I dunno it depends.

[Amy26]

So, I shouldn't tell my renters anything and just let them stay there forever even after the house gets sold???

[OhioFiler]

So, I shouldn't tell my renters anything and just let them stay there forever even after the house gets sold???

Well I would let them know the house is going to be foreclosed and they may have to leave some day but the court will give them plenty of notice.

[music12]

So, I shouldn't tell my renters anything and just let them stay there forever even after the house gets sold???

once the house gets sold you won't have any control over it. the new owner (bank) would.

there was a story in the news in florida, i think, where nobody informed the renters about foreclosure, and the first they heard of it was when the officer came to kick them out! so a florida sheriff refused to carry out these evictions unless the renters had sufficient legal notice. i think that story said that the notice has to be at least 4 months in advance. but you already did your part by telling them what's going on. now it will be between them and the bank.

[2manybills]

There was a renter in my neighborhood that stayed for 1-1/2 years before the bank finally evicted them. It was one of those deals where the loan was sold to several different banks.

[2manybills]

There was a renter in my neighborhood that stayed for 1-1/2 years before the bank finally evicted them. It was one of those deals where the loan was sold to several different banks. You've done your part by telling them what's going on. If it were me, I would be grateful that my landlord told me what was going on, rather than those that don't and continue to collect full rent.

[keepmine]

You and your husband have your own set of problems to deal with. Don't take on someone elses problems.
They'll be just fine. Let them deal with there own housing issues and you concentrate on taking care of yourself and your family.

[music12]

keepmine is completely right amy! it ain't your problem.

[SocalBroke]

I would be more than happy to sublet our place out to them and live there. Even 6 months of no rent would have a huge impact on starting a nest egg.

Sorry, I know this adds nothing to the conversation but seriously, don't beat yourself up about it. You are being MORE than generous with them and if the situation was reversed, do you think they would act any differently? As been said many times in many threads, bankruptcy is a business decision.

[Amy26]

Ugg I can't just keep them in the dark. So, nobody knows what will happen after they get the stay lifted? Do they still have to go through court proceedings or how does this foreclosure process thing work? After the stay is lifted will it get foreclosed like the same month?

[music12]

once the stay is lifted the bank still has to go through all the proceedings for foreclosure, which depend on the state.

amy, you are not keeping anybody in the dark. you are in the dark yourself. you are totally blameless.