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I just received an Order Granting Motion for Relief from the Automatic Stay under 11 U.S.C. 362 (Real Property)...The order also states "Movant may enforce its remedies to foreclose uopn and obtain possession of the property in accordance with applicable non-bankruptcy law. What does this mean
Response 1: This means that the lender can proceed with the foreclosure sale of your property.
and what time frame can they act upon foreclosure and take possession?
Response 2: The foreclosure sale would be rescheduled. The timing of the sale would strictly depend on your lender. It may be 30 days or more than 30 days from the date that the lender's Motion for Relief was granted by the Court for the lender to foreclosure on your property and another 30 days for the lender/new owner to take possession of the premises. You would need to contact the law firm/title company handling the foreclosure for the lender for more information. The law firm/title company usually have a web site where you can check the date for the foreclosure sale.
After the foreclosure sale, if you do no vacate the premises, the lender/new owner would give you a notice to vacate by a date certain. If you do not vacate the premises at that time, the lender must file eviction action in Court and obtain a writ of possession in order to remove you from the premises. There is no self-remedy to evictions. This means that the lender cannot change the locks, shut off your utilities in order to force you to leave. The lender must go through the Court to have you evicted. If you lose on the eviction action, you can appeal from the Judgment, giving you additional time to stay on the premises. The lender/new owner cannot evict you while you are appealing from the Judgment.
The one and only way to keep the house now is to pay the total amount due and then your loan would be reinstated. Contact the law firm/title company handing the foreclosure for the lender for a reinstatement amount, which is not the same thing as a pay-off amount and then pay the reinstatement amount. Otherwise, your house would be foreclosed..
Is there any motion that can be filed to delay the action?
Response: None at this time after you have already filed for bankruptcy protection and the lender filed and was granted relief from the automatic stay.
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