Posted on: 10th Jan, 2011 04:07 pm
We filed bankrupcy chapter 7 and judgement was finalized.
We still live in the house, we tried to negotiate with the lender but we just could not afford the monthly pmts.
My question is, We just received a letter from the Lender stating that the loan file has been referred to their attorney with instructions to begin foreclosure proceedings. How long do we have until the foreclosure proceedings are finalized or how long do we have to move.
We still live in the house, we tried to negotiate with the lender but we just could not afford the monthly pmts.
My question is, We just received a letter from the Lender stating that the loan file has been referred to their attorney with instructions to begin foreclosure proceedings. How long do we have until the foreclosure proceedings are finalized or how long do we have to move.
Hi guest!
Welcome to forums!
As you could not afford the monthly payments, you can surrender the property immediately to the lender and he may foreclose it to recover his dues. After the foreclosure sale is over, the lender will send you an eviction notice and the time period to leave the property will be mentioned in that notice.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you could not afford the monthly payments, you can surrender the property immediately to the lender and he may foreclose it to recover his dues. After the foreclosure sale is over, the lender will send you an eviction notice and the time period to leave the property will be mentioned in that notice.
Feel free to ask if you've further queries.
Sussane
Some of these answers are very fatigue I would find that to be very frustrating if it was me...
It all depends on what state you live in and what the statues are. Some states start foreclosure process after 2 months sometimes longer. You can visit Realtytrac.com to find out exactly what your state's turn around time.
If you chose to stay til you receive your eviction notice, you will usually have anywhere from 20-45 days after the auction date of the house to stay in the property. Again it will depend on the state you live in.
It is probably to late to try to do a short sale or deed in lieu. My guess would be around 30 days if not maybe a little longer. You can contact your lender to find out when the sale date is of the house and how long you have.
Good luck!
It all depends on what state you live in and what the statues are. Some states start foreclosure process after 2 months sometimes longer. You can visit Realtytrac.com to find out exactly what your state's turn around time.
If you chose to stay til you receive your eviction notice, you will usually have anywhere from 20-45 days after the auction date of the house to stay in the property. Again it will depend on the state you live in.
It is probably to late to try to do a short sale or deed in lieu. My guess would be around 30 days if not maybe a little longer. You can contact your lender to find out when the sale date is of the house and how long you have.
Good luck!