Petition to lift stay on house

[happy2b]

Yesterday, we were notified that the bank. ( B of A ) filed a petition to life the stay on our home mortgage account. We filed bankruptcy on 2-19 and had our 341 on March 29. We were expecting discharge this week, but didnt hear anything from the court.
We had stopped making house payments in December, knowing we were going to walk away from the house, and had already talked to our lawyer about surrendering the house.
So my lawyer told me that since we are not planning on keeping the house, we dont need to respond to the petition. He also didnt know how long we might have, because the bank can pretty much do what they want, after the motion is granted. He did say they can accelerate the prcess, and even forclose in less than the 90 days state law. I dont understand that.
I am wondering if it is because 2 days before we filed we got the letter of intent from our bank, which gave us 45 days to catch up on our motgage, and if we had not have filed bankruptcy, we would be almost 60 days into the foreclosure process.
My lawyer didnt tell me, how long we have till the court makes a decision on the stay. I got the papers, and i couldnt find the answer anywhere.

I am wondering if anyone has had the bank accelerate the process, and had them be able to forclose in a shorter time, than the legal time frame for the state.

My husband could be losing his job, and we are nervous to sign a lease on a house, and not be able to fullfil the lease. There is a possibility we will be moving to Idaho, to live with his parents, if he loses his job, so we need as much time as possible. There is just so much unsurity right not, i am getting really nervous. I dont know what to think.

Also, if the stay is lifted, will they start harrassing me with phone calls again? I so dont want to deal with that.

Any advice or info would be great.

[willsurvive]

I can tell you what we've gone through. We have Bank of America as well, and they lifted the stay in 2/10. Two months went by and we finally got the "Notice of Intent to Acellerate" telling us we had until June 6th to pay, or they would start to foreclose. So it did take a couple of months past the request before anything happened. What state are you in? It does make a difference if it's non-judicial or judicial.

We live in Idaho and love it. Hopefully your husband won't lose his job (we are going through that right now 14 months now).

[happy2b]

Well, i hope we get more time. I am pregnant with baby number 5, and way too sick to think about packing and moving.
We are in AZ, which i want to say is non judicial.

I love idaho, and we go every year to visit my in laws. i just dont know if I want to live WITH them. LOL

[feelingnutsy]

If I file bankruptcy---and house is already in foreclosure---but not sold yet---
how long until the bank files for motion to lift stay? Does it have to wait until
the 341---or can the proceedings start the day after I file?

If the day after---how long until the stay is granted and foreclosure can
go forward---or does this depend on the state?

[HHM]

If I file bankruptcy---and house is already in foreclosure---but not sold yet---
how long until the bank files for motion to lift stay? Does it have to wait until
the 341---or can the proceedings start the day after I file?

If the day after---how long until the stay is granted and foreclosure can
go forward---or does this depend on the state?

The bank can file the motion any time after you "file" your case. Generally, a bankruptcy will only buy you about 30-45 days.

[willsurvive]

I think it depends too if you are an asset case. We are still an open case going on 18 long months because of our assets. Bank of America didn't lift the stay until 14 months into our CH7 bankruptcy. So it bought us a lot of time, I think.

[feelingnutsy]

Hey---willsurvive---I can fully understand your situation---I'm no asset.

[sickandtired]

I have BOA and they didnt even bother to lift stay, they just filed for foreclosure and served us. Our papers say we have up to 45 days from the date of service before house could be sold at auction which would be july 12. Will see my lawyer friday and ask her this for sure, but we've already found another house to rent nearby for way less than our mortgage was with a great understanding landlord and we are anxious to move on and start our new life. This is a great house but needs a lot of work. I hope the bank can get a decent amount for it and i hope the new owners enjoy it as much as we did, but we are definitely ready to roll out of here.