Foreclosure timelines in BK
We have two homes (rental and residence) for which we're planning foreclosure. We're debating whether to preempt the receipt of an NOD on either property by filing CH7 or wait until after an NOS has been delivered to file. Does anyone know how the stay impacts the timelines? Our attorney indicated that the clock 'keeps ticking' on the foreclosure process if it starts before the BK. Does that mean that an NOS will always follow an NOD by exactly 90 days even if there is a BK filed and a stay in place? For example:
* Jan 1 NOD posted
* Feb 1 File BK
* Feb 1 Lender requests relief from stay
* Mar 1 Relief from stay granted
o Could they post the NOS on Apr 1 or would it be May 1 (Jan 1 to Feb 1 (30 days) + Mar 1 to May 1 (60 days) = 90 days)? I'm confused on that point.
Thanks!
* Jan 1 NOD posted
* Feb 1 File BK
* Feb 1 Lender requests relief from stay
* Mar 1 Relief from stay granted
o Could they post the NOS on Apr 1 or would it be May 1 (Jan 1 to Feb 1 (30 days) + Mar 1 to May 1 (60 days) = 90 days)? I'm confused on that point.
Thanks!
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