Foreclosure and Bankruptcy

[cmfull08]

Hello,
My husband and I just filed for bankruptcy on Oct 30 of this year. Prior to filing for bankruptcy we tried to work with our mortgage company regarding our payments (for more info read my post under loan modification) but they did not want to work with us at all. Well to make a long story short they filed a Motion for reliedf from the automatic stay right before thanksgiving and the automatic stay was terminated on 12.24.08 giving them the right to proceed with their claim on the property. How long do we have to get out? Does this basically start the foreclosure process from the beginning or will we see the sign on our door next? We are in the process of finding a new place and just need another 2 months. Any help will be appreciated. Thanks

[Moe Bedard]

they could accellerate the process if the property was in foreclosure before the bk..............the timeline will follow your state's foreclosure laws............
what state are you in?

[cmfull08]

We're in MI and we were in a loan forbearance before this and when we went to modify the loan they flipped the script and asked for $4,100 down before they would modfy and would not communicate where they had gotten the amount from. So we at this time are technically 2 months behind. We want out ASC/Wells Fargo is not cooperating at all and we are sick of the fight.

[Moe Bedard]

Here is the foreclosure process in Michigan...........
Michigan Foreclosure Law

[cmfull08]

Hate to sound dumb but when it says timeline 60 days does that mean that we have approx 2 months from the date of the lift of the automatic stay or do we have 2 months from the date we get a foreclosure notice?

[Moe Bedard]

any foreclosure notice that you receive should have a date that is 60 days from the date of the notice..........but you should check with an attorney that is familiar with the foreclosure laws in your state to be sure that is the way the law works.

[cmfull08]

Haven't receieved anything from our mortgage company yet regarding our mortgage. Should I call them or the attorneys office in charge to see what type of time line we are on or just wait for the notices?

[Moe Bedard]

when you had originally posted the question about a timeframe you had mentioned that you only needed another two months..........in another 7 days it will already be one month.............so without any notices received it would seem that if anything was sent over the next 5 weeks and it had a sale date..............it should be beyond the time that you were needing.

In Michigan........
The notice must be posted on the property at least fifteen (15) days after the first notice of sale is published.

if you have not had a sale notice posted on the property........there may not be a sale date yet............you may be able to check that with the state's public trustee's office or the county where the property is located in.