Got the sale date today.......please help radi8-or others!

[Guest babsinwa]

I'm in Washington state.....got my sale date for foreclosure--its Oct 16 ....(i sound excited about this but really i am just tired........or numb)

 

My question.......I am trying to file chapter 7 to creatively hold onto the mortgage free status as long as possible....and we are filing pro se......i am reading that bk7 can take up to 120 days from filing--is this true?? Can my mortgager re-foreclose during that time or do they have to wait until it is discharged in full??....Any help or advice is appreciated (and is good karma--its all i got left to give )

[radi8]

Filing chapter 7 will stall the foreclosure until one of two things happen:

 

1) you are discharged- which typically takes 3-4 months.

or

2) the lender files for relief from the stay (the court gives them permission to continue foreclosing). This could be done within a few weeks of filing.

[Move4ward]

Radi8 laid it all out. I'll just add some more information on why it can take longer.

 

If your loan is still with original servicer, it will take several weeks as he mentioned(2).

 

However, if your loan was sold to a different lender, they may need an assignment. They may also have to wait to have the assignment to be recorded by the county clerk's office.

If your loan was sold more than once, they will need an assignment for each transfer. It will delay the process further. In this case, it may not file a motion for relief for at least 2 months.

The case may just discharge.

 

Bankruptcy is local, so your mileage may vary.

 

If you file bankruptcy now and the bank files a motion next month, your sale might still be scheduled for October 16. Some states will make the bank start all over again from step 1, so it may be postponed to November.

 

So you want to file the bankruptcy right before the sale date to make it work right, or you could just be throwing money away on a filing that didn't help.

 

Hopefully, you find a job by the time the stay is lifted or the case is discharged.

[Guest babsinwa]

Thanks guys--I know we were sold several times (it has taken almost 9 months of delinquency to get this far....)

 

I hope I get at least until late November, it would really help.