Mortgage Company Seeking Relief From Stay
I have just paid off my chapter 13 mortgage and I understand that it will take about 4 months for the final paperwork. In the mean time, we have fallen behind in the mortgage and the mortgage company has filed a stay of relief. We have a company to purchase the house and save it for us, but we understand that in NJ we would have to petition the court in order to sell the property. Now the hearing for the Stay of Relief is set for the 17 of January. If we were to wait till the 17th and the courts granted the Stay, would that mean we are free to sell the house without the permission of the courts before the mortgage company could forclose?
Desperately need advice!!
Re: Mortgage Company Stay Of Relief
If you wait until the 17th and the relief is granted, you can expect the lender to immediately move forward with foreclosure proceedings, following NJ procedures (I'm not familiar with them).
If there are extenuating circumstances, you can ask the court (and lender) to grant you more time, especially if you have a buyer lined up - they may give you anywhere from a couple of weeks to a month or two. But you will need 'proof' that the sale is viable, such as a contract offer, down payment, etc. If you fail to show at the RFS hearing, rest assured it will be granted - so if at all possible you should attend and be heard.
Re: Mortgage Company Stay Of Relief
Thank you. I understand all that. I was wondering if granting them the stay to the mortgage company, would I then be able to sell the house without the permission of the court?
Re: Mortgage Company Seeking Relief From Stay
Confused - you said you paid off your ch 13 mortgage, and now you're 4 months behind on mortgage payments...??