I am a renter who just received order granting motion for relief from stay

[dawnd494]

Hi!
We rent a home that was originally in foreclosure and was scheduled to be sold in March of this year. The owners filed for Chapter 7 right before the sale date and it was stopped. Now months later we received notice from the bank that the motion for relief from stay has been granted. The paperwork certifies that a true copy was mailed on July 28th 2010 but it appears that the relief was actually granted through the bankruptcy court in March ( why we are just receiving this paperwork is beyond me) anyway, can someone please tell me what the next step is. I am assuming I will receive notice of sale from the attorney's office soon. I am checking public records almost every day to try to keep on top of what is going on.
Also, they still have to go through the normal process of selling the house at auction right? I may be interested in purchasing the home and if the sale is a month of so from now, I will have the funds to do so. by the way, I am in Florida.

Thanks so much!

[justbroke]

Yes, this just means that the bank can now continue the foreclosure process. This will be based on your particular State's foreclosure laws. This should include some sort of notification to you, as a tenant, of the commencement of a foreclose lawsuit.

You may want to ask the owner about a short sale and arrange with the bank. Otherwise, if you go to the auction, the bank will probably bid the entire mortgage balance. With an auction, you also have to come to the auction with a hefty cash (cash equivalent) down payment in order to even bid.

[dawnd494]

thank you very much for your quick reply! we were just getting worried about what was the next step. thanks again!

[justbroke]

For Florida, you should check the Clerk of the Court for your County to lookup the foreclosure lawsuit. Don't look at the "Official Records" section as that will only have the lis pendens. Look in the "Court Records" and you should be able to find the foreclosure lawsuit itself. Search by the owner's name.

Then, look at the docket and see what's going on. See if a default summary judgment has been entered. Typically, these days, it is taking 7 to 11 months minimum to foreclose in Florida.