Need some help on my situation - noob

[amcink]

HI
BK filed and Trusstee meeting just past (on Monday).
I've not paid mortage for about a year (due to my financial hardship)
The previous date for foreclosure sale was June 25th but I file BK a day or so after and the foreclosure sale did not happen. (i'm upside down $120K).
I asked the bank (BofA) for a loan mod since Janurary 2010 and never got an answer. Now I'm moving to a rental in order to get some "key for money" program $2,500 (or something like that). My questions is in regards that if I were to stay in the house how long could I stay since my foreclosure was stoped already will I get one or two month only or would it be more like 6 months to a year due to the slowness of the B of A.
I were to stay for 4 month or more then i think is worth not moving out of the house and save money - hence I'm saving more by not moving than taking the "key for money" offer

Also I was advice by the atorney to move out to get the $2500 but I could save more if I stay in the house. however if in the next month or two I need to get out per the NOD notice or Sheriff sale then it is ok to do so now if not then I can stay. It is hard to say how long can I stay to save money.


Anyone experiencing the same out there?
Thanks

[NoMoreCards]

Because you filed, you are covered by the automatic stay of the BK courts. So in order for BofA to do anything, they must petition the court for Relief from stay which would likely be granted.

There isn't a way for us to tell you which would be in your best interest, as we have no way of knowing if BofA will file for the Relief. Odds are they will, but we don't know for sure. Then we also do not know how long they will drag their feet in the whole process.

So really, you have 2500.00 in the keys program on the one side, or a unknown amount of time to save on the other.

You know that old saying..."A bird in the hand is better than two in the bush?"

What I would personally do, would depend on many other factors not discussed here. But a promise of 2500 is looks rather appealing instead of a unknown amount.

All the best to you.

[LadyInTheRed]

I don't have an answer, but you may want to say what state you are in. How quickly they can force you out will depend on state law.

[amcink]

California - Sacramento County

[amcink]

Received a copy of the "STAY ..." and it said that the house was sold on June 25th (on the original sale date) the home is on the Bank's name now since I found out by calling the garbage collector to do a pickup and they asked for the homeowner name I gave them my name and they say that the house is under the bank's name now.
I also received the notice form the court stating to all the debitors that there is no money for pay out to them (I do not recalled the actual name of the letter) and it has a final date of respond on 09/03/2010 that is a month exactly from my 341

[SMinGA]

Your post on 8/4 says you filed BK after the foreclosure sale, so it does not seem unusual that the sale happen/bank owns the house now.

[amcink]

Update
- Bank owns the house now
-The attorney suggested for me to move out
-341 meeting whent well
-Received letter of "stay" so the bank can move and actually sell the property.
-The real estate assign by the bank and my attorney were trying to get me a "cash for key" it is on hold since the real estate said we were going back and forth too much on when to get out (I need more time) and then the BK papers freeze the process of "cash..." ; she still have not heard from the bank and thinks that the "cash..." for key opportunity has past.
-However she said she will try again and see if the bank respond
-Finally I will be wainting until final decision of the bank on "cash for keys" and then decide to move out with no "cash for ..." money or if i'm lucky get the "cash for key" money

[ccsjoe]

amcink,

As a fellow renter in Northern CA who went through a somewhat similar experience, I would caution you not to play the waiting game too long. The last thing you want on your record is a UD (Unlawful Detainer a.k.a. Eviction Lawsuit). Regardless of whether it's dismissed or not, a UD on record will make it almost impossible for you to rent another decent place. My former landlord got foreclosed on 3 months ago, lender was B of A and I was the renter. Trustee Sale was Apr. 23, realtor (with appropriate documented authority) contacted me April 28, negotiated cash for keys and luckily found a better place within the cash for keys timeframe. In your case, depending on your attorney, how much time has passed, etc, it may very well be that you are beyond cash for keys and that the realtor may be getting ready to file a UD against you if they feel you are holding things up unreasonably. Not saying you are, just my two cents from having been there recently. Good luck

[DaddyDavid]

You can stay until the trustee sale,

then you have a certain limit in which to move before they'd file for eviction. Only then would you have an eviction on your record. I'd stay as long as possible, it's a once in aa lifetime chance for you to accumulate cash.