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Working on it.

Posted by Ward-CA- on March 02, 2002 at 7:38 PM

In Reply to: Unanswered Posting posted by Alfred, Trainee on March 02, 2002 at 4:06 PM

: Hey Ward, could you please respond to the 2/13/02 posting "This Chap 13 Snag..."? It got missed or skipped. I still don't have this subject area worked out to my satisfaction and needs.

: Also, per the Fed courts, it appears that you CAN NOT get a "Relief From Auto Stay" in a C13 BK. You can... 1) resume you foreclosure immediately if the debtor doesn't complete his requirements within 15 days of his filing date. 2) hope for a dismissal and then resume your foreclosure 10 days later. 3) You can file for a dismissal and if granted you can then foreclose. 4) You can file to put a stipulation condition into the payment plan that if the debtor doesn't make timely payments you can THEN file a request for a Relief From Stay, and if approved, then can resume your foreclosure action. 5) If none of the above happens, they you are stuck with having to accept arrearage payments and regular mortgage payments and your foreclosure process just evaporates. (Which raises another interesting question... if this occurs, who pays the trustee for the foreclosure expenses?)

: ALSO IMPORTANT... I think some trainees and forum members are misinformed and think they can get a Relief from Stay right off the bat if a trustor files for Chap 13. You can file for one in Chap 7 right away but not C13. They should be alerted to this fact.
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1. The trustee usually postpones their foreclosure for 30 days in reaction to learning that the owner filed a bankruptcy. So the trustee is stuck with that postponement date and can't automatically resume their foreclosure upon learning the trustor failed to complete his filing in 15 days.

(Trustee's fees and expenses are paid by the beneficiary in this scenario).


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