Foreclouser and BK

[StEt0417]

we plan on liquidating the house in Ch 7. How long after bankruptcy is discharged does the bank try and get you out of the house? we are want to file BK now but need to saty in the house until at least May

[dasmom]

I believe the timeline depends on your state and how fast the bank decides to move on the foreclosure. My attorney estimated 5 months from Chapter 7 filing to bank foreclosing. I've just filed Chapter 7 so I don't know if my attorney's estimate is accurate.

I have heard that some people ask to rent the house back from the bank after the foreclosure so that they can stay in the same neighborhood until the end of the school year.

I don't know if this is an urban legend, or something that really is a possibility.

You can't predict what the bank will do, so if you really need to file your Chapter 7 now you probably should follow the advice of your attorney.

[AngelinaCat]

Since you indicated in your other thread, that you have an attorney you trust, you need to ask this of him/her. Most likely they won't know either. Depending on the part of Florida you are in, I have seen properties lie fallow and unkempt for years. If you are in a subdivision with an HOA, then that is a whole other set of problems...

[Mensa1]

Which May are you talking about...? 2011 OR 2012...?

Kidding, sort of. You should have little problem being in the house until 5/2011, but it is entirely possible... depending on several circumstances, that you could still be in the house come 5/2012.

First off, just because you liquidate the house in Ch 7, that doesn't mean the lender can evict you. Either after the case is closed following discharge, or after the lender properly files for and is granted by the Bk court a "relief from stay", then and only then can the lender go about their business of reclaiming the secured collaterol/property. how they go about recovering the collaterol is to then file a lawsuit in the county court in which the property is located. Tick, tick, tick. This takes time, as you need to be given x number of day to answer the suit, and yes, file an answer. This will set a hearing, and yes, show up at the hearing. The timeline from the time that they file the lawsuit, (after obtaining the proper relief from the Bk court) is at least 4-5-6 months, and in many FL counties it is much longer. So the 5/2012 was sort of in jest, but it could come entirely to fruition, all depending on your local county, the lender you have and how messed up they are, the local Atty firm that they use and how messed up they are, etc, etc...

Just understand that surrendering or liquidating the property in Bk does not give the lender any right to tell you to move out, without them going through the entire process of a judicial foreclosure case... which takes 5 months... to sometimes more than a yr... then they get to file for possession. At that point, you will have 10 days to vacate.