I am about to proceed my office work to record section 7 failure as well as was wondering how prolonged it takes for the financial association to exude tenants from the relinquished property? i have renters there as well as wish to give them notice about what is goin upon so which I can try to equivocate the law suit. i consider the BK routine takes about 90 days though was wondering as to how prolonged i should discuss it my tenants they have prior to they have been evicted. interjection in allege for your help
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{ 1 comment… read it below or add one }
The mortgage company would first have to get relief from the automatic stay to begin to foreclose on the property. Once a motion for relief is filed it will get set for a hearing (approx 30 days). Once relief has been granted the mortgage company will then start the foreclosure process (you may have at least 30 days, check with an attorney in your area to find the specific timeline).
Also, if you are worried about a lawsuit from the tenants, you should list them as a creditor in your bankruptcy schedules.