Surrendering a home in the filing.

[dp1969]

When you file and you list that your home is going to be surrendered, does the automatic stay get lifted after the 341? We are not using our homestead exemption for the actual home but for our cars and a boat. We cannot keep the home due to a $200k HELOC that we are including in the filing and we owe more than the home is worth. We are 3 months behind in the payments on both.

[FreshLikeADaisy]

The automatic stay never gets lifted without a motion by the creditor to do so being granted by the judge, BUT if you filed your intent to surrender the property in your bk it is assumed you will work with the lender to do so, at your mutual convenience I would guess.

Usually mortgage holders are the first creditors to move for a lift of stay so that they can begin foreclosure proceedings. This may actually work in your favor if they do, because you will then be dealing with their attorneys and may be able to work out a cash for keys deal, etc as well as have all the dates (like the foreclosure sale) set well in advance so you know what to expect and when to expect it.

But you can contact the lender (or their attys, if they have involved attys in it already) and ask them. You already filed bk, you are DEFINITELY still under the stay if you have not been notified otherwise, so you have nothing to lose and everything to gain by just calling and asking. Good luck!!!

[253BK]

Can you use the homestead for the cars you have??? I have 40K equity in a car that is paid off for our towing business I am in WA we have a 125K homestead