Pacer

[nomore008]

I found this on pacer and not sure what it means:

Motion for Adequate Protection Filed by Creditor Nationstar Mortgage,

Notice of Disinterest and Request to No Longer Receive Notices in case Filed by Creditor Nationstar Mortgage

We are surrendering our house.

Thanks for your help.

[tobee43]

sounds like it worked to me...but someone chime in if i'm seeing this wrong....

[ccsjoe]

Notice for disinterest means they are withdrawing from following your case, no longer want to receive notices or be kept abreast of developments. Not sure what the Motion for Adequate Protection is though, anybody??

[tobee43]

A motion for adequate protection is generally filed by a secured creditor who is concerned about the collateral and is seeking either a monetary relief or some other relief. See 11 U.S.C. 361. Adequate protection is usually requested in conjunction with a request for the lift of an automatic stay, use, sale, or lease of property or request for obtaining credit. See 11 U.S.C. Sections 362, 363,and 364.

[ccsjoe]

So why would that motion be filed in conjuction with a notice for disinterest, sounds like conflicting approaches.

[nomore008]

The Motion for Adequate Protection Motion was filed with the motion to lift the stay.
I am not sure what they would want but it was denied. I wasn't sure if the protection was for me or from me!!!
Maybe they would want us to pay the difference in what they could get for the house and what we owe on the mortgage?

Thanks for all your help.

[researchnerd]

The Motion for Adequate Protection is not for your protection, it's theirs. Essentially it means they want to get paid something during the BK proceedings so they don't have to go without payments on their property for too long. During our Ch13, my car lender filed this, and the Trustee sent them a token amount from my first Plan payment. I would think it's less common in a Ch7, especially when you will be surrendering anyway.

[tcreegan]

Hi nomore088,

Maybe they would want us to pay the difference in what they could get for the house and what we owe on the mortgage?

This is called a 'deficiency' and no you don't have to pay it thanks to your not reaffirming the debt in the BK

The motion to not receive notice is very odd...they are a secured creditor and need to know when you are discharged so they know when they can start foreclosure to recover their collateral. Given their motion for adequate protection and lack of interest in your case...maybe they are in no hurry to foreclose. You might have some significant payment-free living......

Stranger things have happened...

Tom in Colo

[nomore008]

I believe I understand now. A relief of stay was granted to the mortgage company and the motion of adequate protection was denied We are not fighting the foreclosure as we are surrendering the house. So now they can start the foreclosure process however they will not get any more money from us. Since they can start the process they are not interested in the BK any more.

Right?

[free2breathe]

Out of curiosity, had they already started foreclosure proceedings before you filed? I was trying to read up on Adequate Protection earlier, and it was making my head spin. It referred to the difference owed and the value of the property and anticipated decrease in property value during the process. They love to blow your mind with legalese ;)

[nomore008]

Out of curiosity, had they already started foreclosure proceedings before you filed? I was trying to read up on Adequate Protection earlier, and it was making my head spin. It referred to the difference owed and the value of the property and anticipated decrease in property value during the process. They love to blow your mind with legalese ;)

No, the foreclosure process was not started before we filed. We did get a notice of acceleration a couple of days after we filed. I think that was what I got as a certified letter. Why?

[free2breathe]

No, the foreclosure process was not started before we filed. We did get a notice of acceleration a couple of days after we filed. I think that was what I got as a certified letter. Why?

I was just curious, trying to make some sense of the references I found to Adequate Protection online. I find all the details of bankruptcy so confusing and fascinating at the same time.

I think I was thinking along the lines of the creditor looking at foreclosing, but somehow wanting to protect themselves from the difference between secured and unsecured, as some of the sites I read stated that the creditor will sometimes try to get the value of the property recognized as secured credit and then the difference between the value and the loan amount recognized as unsecured debt. I'll try to find the site and post it here if you'd like. I don't think it matters since they denied that motion, but it was intriguing reading in my opinion.

[nomore008]

I was just curious, trying to make some sense of the references I found to Adequate Protection online. I find all the details of bankruptcy so confusing and fascinating at the same time.

I agree. I am trying to figure out how much time we will have to stay in the house. Our lawyer said we will probably have to be out by mid Nov., I think we might have more time.

We have been looking at apartments to rent that we can afford. It has been challenging to say the least. And on top of that with the now bad credit most want 2 months rent just for a deposit!!

[free2breathe]

Well, I guess that which doesn't kill us only makes us stronger. There are tons of people on this forum who are getting stronger by the day ;)
We have to think about the whole rental issue soon. My husband will likely get transferred and we'll have no choice. I am not looking forward to it, but I have seen some success stories on here, so I'm just going to pray that we find a compassionate landlord wherever we end up.

[tobee43]

I believe I understand now. A relief of stay was granted to the mortgage company and the motion of adequate protection was denied We are not fighting the foreclosure as we are surrendering the house. So now they can start the foreclosure process however they will not get any more money from us. Since they can start the process they are not interested in the BK any more.

Right?

that is what i think it is...