When Do I Need to Move?
If you have fallen behind on your payments, and a bankruptcy is filed, this stops the foreclosure temporarily. Your Lender will have to file what is called a Motion for Lift Stay to seek the Bankruptcy Judge’s permission to continue with the foreclosure process. If you are filing a Chapter 7 Bankruptcy, and you do not want to resume making your mortgage payments, the Motion for Lift Stay will likely be granted and the foreclosure process will resume where it left off.
So if you had a Notice of Sale/Trustee Sale Notice/Election to Sell, then your Lender will probably set a new date for the foreclosure sale and provide you with new Notice. If your house is ultimately sold on that date, provided that your Lender does not postpone that sale date and sell your home at a later date, you still may still be able to live in your house if you work out something with the new purchaser of your home.
The new purchaser may give you cash for keys, which is moving money or relocation money, or they may give you an extra month or two for you to move out. To learn more about the foreclosure process, click here
If you decide to file a Chapter 13 Bankruptcy, you may be able to catch up on your mortgage payments by paying through your Chapter 13 plan. However, if you do fall behind on your payments, or decide you no longer want to keep the home, the Lender will have to follow the process above to foreclose on your home.
Other Home Options Include
Please feel free to contact us today so that we may discuss the options that are available to you.
Van and Associates Law Firm at 702-529-1011