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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15845
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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This is the details of my dilemna: - property scheduled for

Customer Question

This is the details of my dilemna:
- property scheduled for auction in Florida
- filed petition for chapter 7, 2 days BEFORE auction date
- auction proceeded as planned & property was sold back to plaintiff
- did NOT present bankruptcy info to clerk of courts until 9 days after auction date
- tenants are residing in the foreclosed home & received notice that foreclosure is complete & Fannie Mae is new owner. Letter to contact Fannie for "options"
My question is: since petition was filed 2 days before auction, and auction took place as planned, was I protected by the automatic stay?
--- is Fannie Mae the new owner since the tenants want to stay longer to prepare for the move
-- I called Fannie to advise of bankruptcy filing & case # XXXXX was told Bank of America has NOT sent notification to Fannie regarding bankruptcy.
--- Can Fannie get court order for eviction even though bankruptcy was filed?
--- Will there be another foreclosure auction held?
--- What can I expect next?
--- Does attorney for bank have to request a lift of automatic stay? Was I too late in filing for "suggestion of bankruptcy"?
--- Plaintiff is Bank of America, even though they were listed on petition, do i need to personally call their office?
--- I know now, if I had presented "suggestion of bankruptcy" to clerks office BEFORE the foreclosure sale date, all of this would have been avoided. But since the sale occurred, I'm not sure what my options are any longer.

My objective is to let the tenants have time to pack and move. They are NOT protected under the "Tenants of Forecloure Act of 2009" since they are not "bona fide" tenants.

Any legal advice would be greatly appreciated. Thanks.
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 2 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

Customer :

Hello. Since you are currently offline, I will check back later. Thanks.

WALLSTREETESQ :

hello

WALLSTREETESQ :

If you filed the bankruptcy prior to the auction, you were protected by the automatic stay, and can go to bankruptcy court,

WALLSTREETESQ :

and reverse the sale,

WALLSTREETESQ :

You need the bankruptcy court to enforce the automatic stay and reverse the sale,

WALLSTREETESQ :

if this does not happen, the new owners can proceed with an eviction,

WALLSTREETESQ :

In terms of the tenants, an eviction takes significant time,

WALLSTREETESQ :

and they can argue in Court that they should be protected by the foreclosure act, and stay in their home for several months,

WALLSTREETESQ :

Also, since you filed bankruptcy, any eviction could not happen as your automatic stay stops all suits against you,

WALLSTREETESQ :

but against your tenants, they can fight any eviction, and you can argue in housing court as well, that a bankruptcy was filed, and should have stopped their actions,

Customer :

Hello,

WALLSTREETESQ :

yes

Customer :

You mentioned I would need to go to bankruptcy court to reverse the sale.....what documents do I need to bring? Can I represent myself?

WALLSTREETESQ :

You need to file a motion in Bankruptcy Court asking them to reverse the sale, as you filed bankruptcy prior to the auction,

WALLSTREETESQ :

you would need to have the date of the sale papers, and proof you filed bankruptcy,

WALLSTREETESQ :

the Court Clerk in the bankruptcy court may help you file this motion, you should also ask for sanctions, against the parties involved in the sale,

WALLSTREETESQ :

as they violated the automatic stay,

WALLSTREETESQ :

You should not mention anything about notice,

Customer :

Was there a deadline in order for me to file a motion regarding reversing the sale? Lets assume sale is reversed, what happens next? If the bank chooses to file a motion to lift the automatic stay...will there be another foreclosure sale date?

WALLSTREETESQ :

Their is no time limit to reverse the sale, if you have filed bankruptcy and have not received a discharge yet,

WALLSTREETESQ :

If the sale is reversed, the lender would have to file a motion to lift the stay in order to foreclose, and than would be able to sell the property.

WALLSTREETESQ :

it would delay the sale a few months, if not longer.

WALLSTREETESQ :

In re Mitchell, 279 B.R. 839 (9th Cir. B.A.P. 2002)
The bona fide purchaser defense of § 549 (c) to a trustee's action to avoid a postpetition transfer does not provide an exception to the automatic stay. Purchaser out of a foreclosure that occurred a day after bankruptcy filed violated § 362.

WALLSTREETESQ : Automatic Stay 362(a) — In general

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied with our service please press the accept button so we can receive credit

Customer :

I'm sorry for asking so many questions... I tend to over analyze the simplest of situations. Fannie Mae states they do not have any information regarding me filing bankruptcy on file in their database. Do I need to personally call Bank of America (plaintiff) to advise them of bankruptcy being filed? Even though I listed Bank of America on petition? I did NOT list fannie mae on petition since I had no idea my loan was sold to Fannie Mae? Should I add Fannie Mae on list of creditors to my petition?

WALLSTREETESQ :

You should list fannie mae, by amending your petition,

WALLSTREETESQ :

You should also contact Bank of America as well, be aware Bank of America should have received the notice of your filing already,

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

If satisfied with our service please press the accept button so we can receive credit

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