Can anyone explain what a BK 7 does to a foreclosure sale? I just received a letter today from a realtor that I will be receiving a foreclosure notice from my lender shortly on my foreclosure filing. I never received any official notice that the lender was foreclosing. They had stated that they could/may start foreclosure, but never an official notice. Our auction date is set for 6-23, &we plan on filing BK 7 with the next 2 weeks. What is the proceedure for the automatic stay, in regards to the mortgage? Does this stop the auction & what is the approx. time frame I should expect?
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Since I'm not familiar with AZ timeframes, I'll leave the rest for the more experienced posters from your state...Originally posted by ruttie View Post
Good luck.No person in their right mind files a Ch. 13 with lien strip pro se. I have.Therefore, please consider me insane and clinically certifiable when reading my posts, and DO NOT take them as legal advice of any kind.Thank you. -
You will receive your "official" notice shortly. It will be sent regular and certified mail.Originally posted by ruttie View Post
If you file bk now, my guess is that the lender may ask for and receive an Order lifting the bk protection in time to complete its Trustee Sale on 6/23 since that is 3 months away. If you are lucky, the lender will delay seeking the lifting of the stay long enough so that it cannot hold the sale on 6/23 but can hold it, say 30 days thereafter.
If you can wait, hold off filing until the 2nd week in June. Doing so will delay the Trustee Sale about another 2 to 4 months, depending upon how fast the lender moves.
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does anyone have any experience with ING? do they reschedule foreclosure auctions much and what are the chances that they will proceed on time?Comment
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