QUESTION
Is the motion relief of stay valid for the 3rd party (buyer) or do they have to get their own?
Asked on Mar 31st, 2013 on Foreclosures - California
More details to this question:
My mortgage servicer got a motion for relief of stay "in order to enter into a loan modification." This servicer then transfered (not sure it's the proper term) my account to a new servicer who foreclosed and then sold the property to a 3rd party while my Ch. 13 Bankruptcy was still in force.
2 ANSWERS
It the lender got a relief from stay your property is no longer protected by the Bankruptcy Court and it can be sold.
Answered on Apr 01st, 2013 at 11:48 PM
Once the bankruptcy court grants relief from the automatic stay, the lender can foreclose or transfer the loan and the new servicer can proceed.
Answered on Apr 01st, 2013 at 11:23 PM