Filed BK to stall trustee sale, now need to undo it...

[HHM]

So, you can delay the sale by 14+21+17+28 = 80 days. Plus, it usually takes the lender a week or two to get the advertising started again.

That timeline assumes a few things that are not true in all states. One, in most states, if you file right before the foreclosure date, the lender typically does not need to re-notice the foreclosure, they will simply reset the sale date at the next available date. Second, it assumes the mortgage company does not file a Motion for Relief from Stay which can force your hand. But nonetheless, you can do this.

In the OP's situation where there is equity in the home, it makes sense. But if the home is upside down, or if the persons is merely clinging to some "hope" of keeping their house, this is not a good move.

[MSbklawyer]

In the OP's situation where there is equity in the home, it makes sense. But if the home is upside down, or if the persons is merely clinging to some "hope" of keeping their house, this is not a good move.

Oh I agree, absolutely. The only times I've used this tactic is such as where the homeowner is trying to sell the home, has a buyer lined up, but there is some unavoidable delay, but the bank won't delay the foreclosure sale.

If it's the homeowner's objective to KEEP the property, then a cure of the arrearage can be made through the plan.

[justbroke]

That timeline assumes a few things that are not true in all states. One, in most states, if you file right before the foreclosure date, the lender typically does not need to re-notice the foreclosure, they will simply reset the sale date at the next available date.

Exactly the case in North Carolina, with an additional caveat!

Specifically (and this is just for the sake of going further), N.C.G.S. 45-21.22 allows the sale to continue on the same scheduled day, without re-notification, if the stay is lifted (by motion or dismissal) before the original sale date passes and the debtor was noticed before the stay was imposed!!!

That's why it's important to understand the underlying State non-bankruptcy law for that particular State.