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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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We have filed bankruptcy but listed our home exempt. Were

Resolved Question:

We have filed bankruptcy but listed our home exempt. We're way behind in our payments,(forclosure in suspention)and working things out with the mortgage co. We recieved a NOTICE OF HEARING AND MOTION FOR RELIEF FROM AUTOMATIC STAY. What in simple terms does this mean and what can we expect at this hearing?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
the bank is going to ask permission from the court to allow the house to go to foreclosure, as you have not been paying the mortgage payments. The automatic stay if lifted allows them to do this. You need to advise the court you object if not they will grant the banks motion. Unless you have the back mortgage payments or convert your case to a chapter 13 you will lose the home. If you convert to a chpater 13 you may be able to keep the house by paying the current mortgage and the arrears over 60 months.
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