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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] The power of bankruptcy's automatic stay... Posted by Ward-CA- on February 20, 2004 at 10:04 AM In Reply to: Foreclosure Auction Question posted by Ama on February 18, 2004 at 4:19 PM : Hi, : I won a foreclosure on December 30, 2003. Our court confirmation hearing or reopen bidding was on January 22. When we got to court, we found out that the owner filed for bankruptcy and didn't notify the commissioner. The commissioner/lawyer is holding my 10% down, until they can settle with the bankruptcy court and get another court date. What can I legally do about my 10% down, do I just have to wait around and see what happens? How long does it usually take to get the bankruptcy issues settled? (Background info: I am in Hawaii, the owner of the property is a realtor and has many properties that are going through foreclosure. Her daughter is living in part of the house that we won, and the other part is being rented out. This is not her primary residence.) ================== Ama, There's no specific requirement in the Bankruptcy Code or rules that a petitioner has to personally inform a foreclosure processor that they have filed a bankruptcy petition. That's why they call the bar prohibiting any post-filing creditor actions the petitioner an "automatic" stay. I'm sure you can get your 10% deposit back if you ask for it. If not, then you will have to wait until the lender's bankruptcy attorney is successful in getting a "relief from stay", allowing the foreclosure procedure to resume to its conclusion. There's no real way to foretell how long it's going to take to convince a bankruptcy court to lift its stay. Each case has its own timeline. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi, : : I won a foreclosure on December 30, 2003. Our court confirmation hearing or reopen bidding was on January 22. When we got to court, we found out that the owner filed for bankruptcy and didn't notify the commissioner. The commissioner/lawyer is holding my 10% down, until they can settle with the bankruptcy court and get another court date. What can I legally do about my 10% down, do I just have to wait around and see what happens? How long does it usually take to get the bankruptcy issues settled? (Background info: I am in Hawaii, the owner of the property is a realtor and has many properties that are going through foreclosure. Her daughter is living in part of the house that we won, and the other part is being rented out. This is not her primary residence.) : ================== : Ama, : There's no specific requirement in the Bankruptcy Code or rules that a petitioner has to personally inform a foreclosure processor that they have filed a bankruptcy petition. That's why they call the bar prohibiting any post-filing creditor actions the petitioner an "automatic" stay. : I'm sure you can get your 10% deposit back if you ask for it. If not, then you will have to wait until the lender's bankruptcy attorney is successful in getting a "relief from stay", allowing the foreclosure procedure to resume to its conclusion. : There's no real way to foretell how long it's going to take to convince a bankruptcy court to lift its stay. Each case has its own timeline. 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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