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 lmiller421
Joined: 04 Mar 2010
Posts: 9
4.10 Dollars($)
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 Posted: Wed Mar 17, 2010 6:49 pm Post subject: HELP |
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| Filed BK myself. House was foreclosed in 2009 even though I did try to sell and is realtor still trying to sell realtor lost two buyers due to Country wide dragging their feet on short sale. It still sits empty. Filed BK last week. Now I get a letter from Country wide attornies asking for motion " Relief from automatic stay" in other words they dont want this home included in the bk. I havent lived there since foreclosure. Any ideas how to answer ths myself, I have 14 days and cant pay a lawyer. |
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lmiller421
Joined: 04 Mar 2010
Posts: 9
4.10 Dollars($)
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| Posted: Wed Mar 17, 2010 7:57 pm Post subject: In addition to the above I need to add... |
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| I should add, that my statement of intention is to surrender the property, like I said, left it in 2008, foreclosed 2009, been empty since. It sounds like the Relief from stay means they simply dont want to allow the BK court to tie this property up until the redemption period ( ie: July 2010) which is why they are asking for this. I dont want the house obviously BUT, does this ALSO mean they are asking NOT only for the ability to continue foreclosure but does it mean they do not want the court to allow me to include it in my BK allowing them to come after me later for any deficiency? |
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jameshogg
Joined: 20 Dec 2005
Posts: 6410
Location: Nevada
398.61 Dollars($)
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| Posted: Wed Mar 17, 2010 9:50 pm Post subject: |
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Hi lmiller,
I guess the lender wants to sell off the property now in order to recover their dues. If the property is included in your bankruptcy filing, then it won't be possible for the lender to sell it off. Thus, the lender wants a relief from the automatic stay. I would suggest you to speak to your bankruptcy attorney and ask him to draft a reply for you.
Thanks |
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lmiller42122
Guest
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| Posted: Thu Mar 18, 2010 4:01 am Post subject: Further... |
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| Please read BOTH of my posts. Thankyou |
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Niicss
Joined: 03 Oct 2005
Posts: 3917
Location: New Jersey
371.39 Dollars($)
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| Posted: Fri Mar 19, 2010 2:00 am Post subject: |
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If you surrender the property, the lender will foreclose it in order to recover the balance amount of the loan. If the lender gets a relief from the stay order, then he'll be able to foreclose the property though you're in bankruptcy. As far as I can understand, if the lender forecloses the property, that means your debt won't be included in your bankruptcy filing. Thus, the lender would be able to sue you for the deficient balance.
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Good is the Enemy of Great. |
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