Well I guess all those sentiments about how we don't need to worry about what our neighbors think about our BKs because they're thinking about it too are true. I filed for BK in February and my neighbor just filed last week.
We each have condos right next to each other. The units are identical. I'm planning to put my condo on the market as soon as my BK is discharged... probably in a month or so. But now I'm worried about what HER unit will do to the property value. She says that she has a mortgage and a home equity loan (it was one of those tricksie 80/20 loans). Both of the loans were in foreclosure after several attempts to do loan mods failed. She filed Ch. 7 last week to buy more time, so she can save up some money for a new place. The bank with the home equity loan already filed a request to have the automatic stay lifted and it has been granted. But so far the primary mortgage bank has not filed anything. It is early, I know.
So what happens now? Can the bank with the smaller loan still foreclose and force a sale? Do both banks have to get their requests to lift the stay granted before the condo can be sold? Is that a fast process?
I'm not trying to be too nosey, I just want to get a better idea of my neighbor's foreclosure timeline within the BK because I'm not sure I want to try to sell my condo at the same time as hers if it goes on the market. She thought the Ch. 7 would buy her 4 months (that's what her lawyer told her) but if the automatic stay is lifted, doesn't that give the mortgage companies the go-ahead to proceed? Any insight is greatly appreciated. Thanks.
We each have condos right next to each other. The units are identical. I'm planning to put my condo on the market as soon as my BK is discharged... probably in a month or so. But now I'm worried about what HER unit will do to the property value. She says that she has a mortgage and a home equity loan (it was one of those tricksie 80/20 loans). Both of the loans were in foreclosure after several attempts to do loan mods failed. She filed Ch. 7 last week to buy more time, so she can save up some money for a new place. The bank with the home equity loan already filed a request to have the automatic stay lifted and it has been granted. But so far the primary mortgage bank has not filed anything. It is early, I know.
So what happens now? Can the bank with the smaller loan still foreclose and force a sale? Do both banks have to get their requests to lift the stay granted before the condo can be sold? Is that a fast process?
I'm not trying to be too nosey, I just want to get a better idea of my neighbor's foreclosure timeline within the BK because I'm not sure I want to try to sell my condo at the same time as hers if it goes on the market. She thought the Ch. 7 would buy her 4 months (that's what her lawyer told her) but if the automatic stay is lifted, doesn't that give the mortgage companies the go-ahead to proceed? Any insight is greatly appreciated. Thanks.
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