GAMama4

Filing BK, not reaffirming mortgage - how long for foreclosure?

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We're filing BK (this week or next -- still finalizing docs with our attorney), but not reaffirming our mortgage. We've received a foreclosure notice for July 3, but that should be stopped once we file BK. (right?!)

So in light of that . . . how soon can we expect the mortgage company to move forward with foreclosure after we're discharged (praying that happens!)? And literally, how does that work?

We're still in the home, but looking to rent. We'd really benefit from being able to gather some funds together for rent and moving though, so having a bit more time in the house would be helpful. Just wondering how long this process typically takes.

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Normally the process is 90 to 120 days from your BK filing date to your discharge date depending upon how busy your district is with cases. Sometimes the bank will file a motion to lift the stay during your case to continue the foreclosure. Most of the time they don't even file that motion, they just continue the foreclosure after the discharge. At least that is how it is here in Fl.

It is my understanding that Georgia has both non-judicial foreclosures and judicial foreclosures. Non-judicial foreclosures are much faster than judicial foreclosures. Your BK attorney should have a good idea of the timeline you will have from filing your BK until the timeframe in which you would need to actually move out of your home.

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Thanks for the reply, Denita! Very interesting about the different types of foreclosures. Our attorney has guesstimated about two months after we file. I'm just such a literal person, it's hard to not know exactly when all this will happen. I need to learn some patience!

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Spot on. I am surprised the amount of time and effort spent by lenders filing motions for relief. A Chapter 7 is so quick anyway...the lenders spend good money to move forward the process by maybe 30 days.

But keep in mind...in a judicial state removing the stay just kicks the process back into state court. So you can answer the foreclosure complaint to avoid default judgment, then just let the process go. You can buy yourself a few months there, then another few months between foreclosure judgment and sheriff's sale. Then another few months between sheriff's sale and eviction proceedings.

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You may as well answer the foreclosure complaint. Take a look at the filing and see if they are claiming lost or destroyed Note. If they are, object. This is a short-cut many foreclosure mills use to avoid having to produce/dig-up the Note and Mortgage. If they have done this, forcing them into having to produce the docs to show proof they can foreclose will buy you several months.

Even after foreclosure you do not have to leave until they file a followup eviction to remove you. The eviction is a separate case that can take 15-45 days to go through so move once you are served on that case. Many lenders are foreclosing and letting the former owner stay on the property on condition they simply maintain it. A house sitting empty with no power will eventually fall apart as they are finding out.

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Many lenders are foreclosing and letting the former owner stay on the property on condition they simply maintain it. A house sitting empty with no power will eventually fall apart as they are finding out.

They don't make 'em like they used to back in the 1700's.

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:!:Ask them to show you the 'valuable consideration' used for your loan that resulted in a loss for them.

If they tell you they gave you a loan of 'money', ask them "what money"? We are in credit/debt system. The money was removed after 1933 resulting in a credit/debt system.

The Fed reserve notes refered as "money" lacks what defines money: self contained value. The Fed notes are the opposite, they have a negative value.

In the olden days, these Notes only represented the value of money. They were easier to carry around and exchange, then someone could take the Fed notes and turn them in to retrieve their gold or silver.The money was the gold /silver, not the Fed Notes.

They act as 'reciepts" that only represent the value of something, the Fed /Reserve/ notes do not contain value by themselves. Think of a product you buy at the store, you recieve a receipt that represents the value of the product but the receipt is not the value by itself.

Edited by machinebike

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If you read his other threads, I think machinebike is working on one of those "...income tax is illegal because it was never signed by Rube Goldberg..." kind of wild a$$ theories regarding mortgages. You probably want to question his logic...

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If you read his other threads, I think machinebike is working on one of those "...income tax is illegal because it was never signed by Rube Goldberg..." kind of wild a$$ theories regarding mortgages. You probably want to question his logic...

Agree 100% :shock:

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