Does Relief from Automatic Stay mean foreclosure is moving quickly?

[youngnbroke]

Last payment on 1st mtg - 6/10, last payment on 2nd mtg - 5/10, filed chp 7 9/10...two weeks later, receive letter from mtg's attorneys stating they are seeking relief from automatic stay. Does this mean that foreclosure is moving quickly? Or do they all do that? I THINK we've received our NOD...it said we were in default..assuming that's the NOD?...but geez, I thought we'd have till spring, but maybe not? Seems they are moving quickly? Anyone have any thoughts..experiences? I just want a timeline, but have decided to hold off on contacting the mortgage company till after the 341 (10/1/10)
BTW our mortgage company is GMAC and we're in WI...any thoughts are greatly appreciated!

[InTheDark]

We quit paying in May '09, filed CH-7 Oct '09, in December '09 there was relief of stay entered, Feb '10 discharge and we're still in the home. Our first & 2nd are with BofA. I'm not sure what good it does to file a motion to lift the stay. I check the local court case look up almost on a daily basis to see if anything has been entered with the court but there's been nothing since Jan when we were scheduled for a Status Conference that we never went to. Good Luck.

[ryan]

Can't say for sure on Wisconsin FC laws, but its sounds normal to me. The stay will hold it up maybe 60 days, and then the normal fc timeline should resume. So, if you check what a typical FC takes in Wis, then just add the days to the time when the stay is lifted.

[calidebtor]

Chapter 7 Filed: 7/28/10 in California.
341 Meeting: 9/3/10. Trustee Report filed with Court: 9/8/10.
Creditors have till 10/8/10 to file any claims.

I got the filing of Motion to Seek Relief from Stay from my bank HSBC filed on 9/30/10. My hearing for this motion is set for 10/27/10. Why would HSBC file the motion so late in the game? I think if there are no issues, I should have my discharge in the beginning of November!!!

I was already in foreclosure when I filed Chapter 7, and filed BK the day before the sale was supposed to happen at the court footsteps. Since then they have been delaying the sale date by 2-weeks at a time. Since filing the BK, I got a short sale offer on my house and I have submitted that to the bank as well. They asked me to get a letter from the trustee to exclude my house from the stay, which the trustee denied and told me to not do because its better for me to just foreclose on the house AFTER the discharge. So in the mean time, I have submitted all the documents requested by the bank for the short sale and they have already performed the Appraisal for the short sale etc. They are just waiting for me to get a letter from the trustee, which Im not going to get and Im just going to wait till I get a discharge to move forward with Short sale. Before I filed BK, they had informed me that they would NOT delay foreclosure unless I had a short sale offer ACCEPTED by the bank!
So does this mean that they will probably move forward with foreclosure soon after getting their relief on October 27th??? Should I try to fight the relief from stay order? Would fighting that order delay my discharge? Or would I still get a discharge on time(hopefully the first week of November)???
What do some experienced members here think I should do?
My goal is to stay in the house for as long as possible. I would ideally like to stay here till my kids' school is out in June of 2011, if at all possible. I dont care about short sale either way. If it happens, great, if not then I'd just like to stay in the house for as long as possible. Also there's a possibility that if I can get a semi-decent job in the next couple of months, I might try to save the house by filing for Chapter 13.
The house is worth about $500K. First mortgage principal is $470K. Arrears are to the tune of $100K. Second mortgage was orignally $382K but has since gone up higher. I think my strategy, should I get a job quickly, would be to try to strip the second lien and try to save the house if the bank agrees to either reduce or eliminate the arrears.
What do you guys think?

[iv65536]

Foreclosure in Wisconsin is Judicial.

I've looked through a few foreclosure case histories in St. Croix County and found that BK generally will delay it a few months.

The redemption period, from what I read, depends on whether the bank is willing to waive the deficiency judgment and would be set by the circuit court, but I did see one case which provided a redemption period of one year with no deficiency because of a BK.