Help, just getting started with bk, house going to auction 6/10/11

[cin6004]

Help I am new at this and not understanding every thing.
I just started filling out paperwork and getting everything together to take to a attorney last week and today I got a letter stating my house is going to auction 6/10/11.
Sucks- I am 4 months behind (I have a friend that is 9 months and one that is 11 and nothing from there lenders) But any ways do I have to be moved out by the auction date? Someone told me it is different in every state- I am in Arizona.

[shark66]

Welcome to the forum!

No, you don't have to move out by auction date. Many a times (depends a lot on state/district/area) the sales get postponed, but don't count on it just yet...generally speaking, one doesn't have to move while the deed is still in their name, which can take a month or more after the actual sale...

If you file BK that will stop all foreclosure proceedings for a month or two, presuming you'd be filing Ch. 7 and surrendering the house. In case you're intent on keeping the house, you'd have to file Ch. 13 and include the mortgage arrears in your repayment plan.

Good luck.

[frogger]

Possession is a powerful thing. You live in the house = you have possession. It doesn't matter if they auction it or not, you still have possession. Make them evict you.........

[goodyphilips]

Yes I agree there is no hurry to move out till your house is in your name. You will have enough time to decide on a proper course of action. Whether you want to file bk or let your house foreclose.

[helpme2010]

Help I am new at this and not understanding every thing.
I just started filling out paperwork and getting everything together to take to a attorney last week and today I got a letter stating my house is going to auction 6/10/11.
Sucks- I am 4 months behind (I have a friend that is 9 months and one that is 11 and nothing from there lenders) But any ways do I have to be moved out by the auction date? Someone told me it is different in every state- I am in Arizona.

After the auction date, you would still have probably at least a month, two, three to stay in the house. I am in a similar position and am hoping when I have to leave that they offer me a cash for keys deal.

Once you file bk, you will stop the auction sale date for a period of time. In California, my bk took many months, e.g. one month until the 341 hearing, then 3 months after until it was discharged. Then 2 weeks later, they posted the auction date. So bk will buy you extra time.

You can also try to work out a loan mod deal with the lender, but it probably won't go through, but it may stall the auction date while they review your paperwork.

[cin6004]

Thank you all. I have been working on a loan mod for over a year, all they do is have me send them the same paperwork over and over and over again. Right now I am about ready to give up my house-just did not want to do it quite that soon.

[helpme2010]

Thank you all. I have been working on a loan mod for over a year, all they do is have me send them the same paperwork over and over and over again. Right now I am about ready to give up my house-just did not want to do it quite that soon.

There are other strategies you can use to stay longer, especially if you are in a judicial state. You can go to court and challenge the foreclosure, ask for more time, etc. You can ask the mortgage company if you can do a short sell of the house (and if they say yes, that will buy you a little while longer). You can keep calling about the loan mod in hope they will delay the auction date while processing the paperwork, etc.