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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] BK Snail's Pace Posted by SeanW on December 24, 2003 at 1:37 PM I've been following a deal through bankruptcy, and have noticed that the lender, trustee, BK court, and lender's attorney are not in tight synch. A helpful call to one of these parties to let them know that a previous one has made a move, can help cut some time off the process. Yeah, they're in communication anyway-- but by mail, and "they'll get around to things eventually". It just seems like a little verbal update by a third party helps. I think Ward has said that in CA, things are pretty aggressive, and this process is more streamlined. But I've observed that it can take 6 months or so in N.C., to get a house to sale again, when there was an interfering BK filing. I see 3 places where a 3rd party can cut some time off things. (1) Call the lender and tell the foreclosing VP at the bank, that a BK was filed. He'll be interested to know that a 3rd party tried to buy at the sale... and should tell his attorney to begin the motion for relief the next day. Otherwise this news has to come through the trustee, and probably by postal mail. (2) Watch PACER, and call the lender's attorney 3 weeks after the motion for relief was filed. (The mortgagor had 15 days to contest this motion, and they usually don't. The attorney probably isn't watching things closely. To him, it's just another case in his pile.) He should put a motion before the BK judge, to sign the relief of stay. (3) Call the trustee when the order for relief shows up on PACER, and ask them when the sale will be scheduled. Hopefully whoever you talk to, will put a sticky-note on the file as "ready for republication." Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I've been following a deal through bankruptcy, and have noticed that the lender, trustee, BK court, and lender's attorney are not in tight synch. A helpful call to one of these parties to let them know that a previous one has made a move, can help cut some time off the process. : Yeah, they're in communication anyway-- but by mail, and "they'll get around to things eventually". It just seems like a little verbal update by a third party helps. : I think Ward has said that in CA, things are pretty aggressive, and this process is more streamlined. But I've observed that it can take 6 months or so in N.C., to get a house to sale again, when there was an interfering BK filing. : I see 3 places where a 3rd party can cut some time off things. : (1) Call the lender and tell the foreclosing VP at the bank, that a BK was filed. He'll be interested to know that a 3rd party tried to buy at the sale... and should tell his attorney to begin the motion for relief the next day. Otherwise this news has to come through the trustee, and probably by postal mail. : (2) Watch PACER, and call the lender's attorney 3 weeks after the motion for relief was filed. (The mortgagor had 15 days to contest this motion, and they usually don't. The attorney probably isn't watching things closely. To him, it's just another case in his pile.) He should put a motion before the BK judge, to sign the relief of stay. : (3) Call the trustee when the order for relief shows up on PACER, and ask them when the sale will be scheduled. Hopefully whoever you talk to, will put a sticky-note on the file as "ready for republication." 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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