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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Using bankruptcy to derail a scheduled foreclosure sale Posted by Rita on February 25, 2002 at 2:20 PM In Reply to: Using bankruptcy to derail a scheduled foreclosure sale posted by Ward-CA- on February 25, 2002 at 7:31 AM : : I've noticed that in certain foreclosure cases, the sale has been cancelled 1, 2, 3 or even more times after the homeowner files a "suggestion of bankruptcy". The sale is eventually rescheduled and the process repeats itself. : : What exactly is the homeowner doing to manipulate the system? How can they keep "filing" for bankruptcy over and over? Shouldn't that be a one time thing? : : Thanks : =•=•=•=•=•=•=•=•=•=•= : Rita, : What commonly occurs is that the delinquent homeowner files an emergency petition in a chapter 13 bankruptcy action a day or so before the scheduled foreclosure auction. That initial petition will cause the trustee to postpone the auction for about a month, enough time for the lender’s attorney to get a hearing on lifting the automatic stay of bankruptcy. : Then when that ploy is about to run out the other spouse will file another emergency petition, etc. How many times can they do that? It seems to happen more than twice a lot. Thanks Follow Ups: How many times can they do that? (nm) rita 2:22 PM, 02/25/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : I've noticed that in certain foreclosure cases, the sale has been cancelled 1, 2, 3 or even more times after the homeowner files a "suggestion of bankruptcy". The sale is eventually rescheduled and the process repeats itself. : : : What exactly is the homeowner doing to manipulate the system? How can they keep "filing" for bankruptcy over and over? Shouldn't that be a one time thing? : : : Thanks : : =•=•=•=•=•=•=•=•=•=•= : : Rita, : : What commonly occurs is that the delinquent homeowner files an emergency petition in a chapter 13 bankruptcy action a day or so before the scheduled foreclosure auction. That initial petition will cause the trustee to postpone the auction for about a month, enough time for the lender’s attorney to get a hearing on lifting the automatic stay of bankruptcy. : : Then when that ploy is about to run out the other spouse will file another emergency petition, etc. : : How many times can they do that? It seems to happen more than twice a lot. : Thanks Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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