Is A Relief Of Stay Always Granted In Bankrupucy
My son is in foreclosure , and his to be ex- wife has filed for bankrupucy. She is also a signer on the mortgage. She has moved out of the home.
He is living in the home , and he is going to try and keep the house, but received a notice a few days ago that the mortgage company has asked the court for a relief from stay. My question is : Will a bank or mortgage company always be granted a relief of stay from bankrupucy when they petition the court for the relief.
Thanks for your replies.[ Edited by rbjj on Date 04/03/2005 ]
Bankruptcy is in federal court. Bankruptcy lawyers in your federal court district will be familiary with the judges. So it probably depends on your district and if she filed a Chapter 7 or a Chapter 13. My guess would be that they would get a relief from stay, especially on a Chapter 7.
Brenda
Yes, the release of stay is almost always granted.
The exception is occasions where there is a lot of equity in the house and the BK trustee wants to make sure that that equity goes to the creditors.
Are both names listed on the Title? If so, it will take more negotiations to get this accomplished. How much equity do they have in the property? When does it go to Auction?
dawn50355,
Glad to meet you.
In the years that you have been chasing pre-foreclosures, do you remember what you said to the property owner, where you did get the deal?
To anaylize what you need to say after they say no, it is important to know what you are saying when you first meet them, before they respond with a negative answer?
John $Cash$ Locke
[addsig]
Another approach to pre-foreclosures is to establish relationships with loan brokers that specialize in finding loans for people in bad financial condition. They will have some clients whom they cannot help and can make introductions for you.