does anyone know (continued)

[smiley09]

following the liquidation of collateral if any excess proceeds have been received and the movant is given leave to file an unsecured deficiency claim within 60 days after the liquidation of the collateral if such claim exists.


What does this mean does anyone kown

please read the first part of this that was posted prior to this part

[hereforinfo]

The court granted the bank a relief from stay, meaning they can move forward with the foreclosure. Once the property is auctioned, the bank has 60 days to file a claim with your trustee on the deficiency balance (the difference between what the property sells for and the amount you owe may now become an unsecured debt in your bankruptcy).

[smiley09]

does anyone know continued (again)

Ok I filed a chapter 7 back when I still owned this property in 1999. My husband died and so much has happened that I now filed a 13. I did not re-afirm my loan with the mortgage co. because we did not include this in the chapter 7. So I kept my property. Of course they will sell this for much less than I paid for it. My question is am I responsible for the difference or am I protected from the chapter 7. My lawyer doesn't explain things and blows you off just pay for chapter 13 and you will be ok. It is my understanding that you can not change lawyers at any time during your chapter 13. Do you know what happens to the balance that is owed after the sale. Do you have to claim the difference as income.

[DebtEnder]

If you filed on this house with a chapter 7 10 years ago and never signed any new loans on it or re-affirmed then you never become personal liable for it. All the can do if you don't pay if foreclose. They can't even affect your credit again.

Also you said two different things, one you did not include the house in ch 7, which you must have done, or should have, and 2 you did not re-affirm. All the same your in a 13 now which also will cover you. They can take the house if you don't pay, but that's it.

[smiley09]

I did include it in my chapter 7..........sorry. I'm just relieved to know that I will be done and out from under this crap. THANKS so much for the infor and I did not sign anything when I filed this 7..........reguarding this condo. I'm guess i'm still just a little scared.