QUESTION
When will a foreclosure be instituted after my chapter 7 bankruptcy?
Asked on Apr 17th, 2011 on Bankruptcy - Indiana
More details to this question:
My house was discharged in Ch 7 bankruptcy in Jan 2010. Since that time I have been making my mortgage payments in full and on time to GMAC, but I am unable to continue to do so. How long is it likely to take for GMAC to institute a foreclosure action? At what point will I be required to vacate the property? How long does it usually take between the beginning of the foreclosure and the point when I would need to leave my home?
3 ANSWERS
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William Rubendall Attorney at Law
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Since the Chapter 7 discharge is done, the lender can start foreclosure any time you are behind. In California it takes 110 days from the start of foreclosure to trustee's sale completion. You will will required to move out after that.
Answered on Apr 20th, 2011 at 9:16 AM
In California, non-judicial foreclosure usually takes at least 120 days.
Answered on Apr 18th, 2011 at 3:38 PM
Many mortgage servicers and providers are taking a long time to institute a foreclosure action and even more so to progress to the eviction stage. You may have upwards of a year or two before after you default before you are forced to leave.
Answered on Apr 18th, 2011 at 12:01 PM