CHP 7 & timeline for foreclosure

[Redwing]

- We filed CHP 7 (no asset, and not keeping home)
- Haven't made a mortgage payment since Feb/09
- 341 meeting 10/15/09
- Chase Bank (1st mortgage holder) asked the court for "Automatic Stay" to continue the foreclosure process

Here's my question:

Does Chase now have to wait until I'm completely discharged (which would be approx 60-days after the 341 meeting,....12/15/09) before they continue the foreclosure process?

Thanks in advance for your answers!

[Tbornetun]

If they get the stay lifted, which they will, they can continue foreclosure as soon as the court signed the Order lifting the automatic stay.

[Redwing]

I know the stay will be lifted, but do they have to wait until I'm completely discharged before the court decides that Chase can continue the foreclosure process?

[Tbornetun]

No, immediately. They can continue foreclosure as soon as the court signs the Order lifting the automatic stay. This will happen before discharge.

[HakunaMatata]

Keep in mind, foreclosure is a process. Even if the stay is lifted, you will still be entitled to your State's foreclosure timeline (ex/ sale publication, Sheriff's sale, redemption period).

[325Falcon]

Any update? Are you still in this home?

[Redwing]

Still in the home, but facing the reality that we'll have to move in a couple months. Chase is still telling me that my "loan mod" is in underwriting, but I'm not putting much faith & hope in the approval process (not to mention the terible terms that Chase has been issuing lately). In the meantime the "stay" has been lifted from the CH-7, and the foreclosure process is moving on. We expect a sheriff sale date for the middle of March.

Depending what the terms are, and if Chase allows me;.....I'll try and still make arrangements for "trial payments", to buy me more time to find an apartment.

As mentioned before, we owe $175 on the 1st, and $42 on the 2nd;......and the market price of the house is approx. $185-$195

Thanks to everyone for all your thoughts, prayers, and encouragement!

[qsr]

Did Chase get the automatic stay lifted? I'm with BoA, but this is my biggest concern right now. I need to file before the trustee sale Feb 3rd.

[Newstart10]

Chase got my stay lifted.

[qsr]

How long does it take, and did you try to fight it?

[cfgdag]

I have a question for you also...

When was your last payment and when did you start hearing from them regarding foreclosure?

My last payment was October (have missed 3 payments) and haven't heard a peep from them other than a letter saying if I didn't contact them they may turn to their attorney to request a lift of stay. However, my ch7 was discharged and closed 1 week later, so I didn't respond. I am just trying to figure out when I can expect further contact from them regarding foreclosure.

[momisery]

WE have two homes, one is with BOA and the other with WF... They both filed to have the stay lifted, and our trusteee denied it until he could review our assets. Then WF went back in and I am not sure what they are doing now, I don't live in that house and it is in a different state. But we are discharged, and BOA still has not lifted the stay to my knowledge. They have not contacted us to move out in fact and we stopped paying in May. We do keep t he place up, we pay the insurance and it is winter. I suspect they will let us stay there and pay the water, sewer, and insurance until the time is a bit better to sell the home. While I am totally angry about the whole situation, I never set out to harm anyone so we will care for the home and leave it in good condition when we leave. Perhaps they have too many homes on the books right now and would prefer to keep them in their shadow inventory? Where you live makes a huge difference, CA, AZ, NV< MI are waiting a long time before they foreclose. Here in MO, not as long I am sure. But, we know we will have about 20 days once we are told, so we are packing so we can be ready. We have also been shopping for a new place to rent, but we are not moving until we have to. If we leave and anything goes wrong they could come after us is what I am afraid of.

[BassBoy]

A couple of different topics here......and an old thread was revisited and posted to.

Anyways, the discharge automatically removes the stay, so the lender does not have to file a motion to lift the stay. Sometimes they file the motion to lift the stay after the discharge........probably so it's at least on record. I've seen this happen, and it's meaningless to the debtor.

Contacting your lender about the foreclosure is not of much help. If the foreclosure is judicial, then you will receive documents as to what's currently happening. Until you recieve the order for sale from the court, that's when you need to make arrangements to move. Also, checking with your county Sheriff's website will tell you the exact date of the sale.

And yes, it's possible with the huge wave of foreclosures, or not wanting the inventory right now, lenders are really gragging their feet. Let them do so because that's more time you get to live for free.

Until the time comes for you to move out, keep the insurance, Homeonwers Association dues (if you have an association) and utilities current.

[cfgdag]

I live in Arizona (phoenix area) so I guess I have some time. BTW, we are a non-judicial state. Anyways....we plan on staying as long as we can to save up a nice chunk of money. And, we will have 90 days notice of our sale date, which is when we will start packing and looking for a rental. I just wish I knew how long Arizona takes. My co-worker had to practically beg her lender to foreclose after they got another house - 9 months after their last payment. She wonders how long it would have taken them if she hadn't hounded them and told them it was empty.

[idainc]

Chase got my stay lifted.

How long from the day of filing until Chase made the effort to lift stay ? Thanks.