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After bankruptcy is filed, how much time does a lender have to foreclose? |
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In a Chapter 7 bankruptcy, the lender must first file a Motion for Relief from Automatic Stay to get the process started, and if the motion is unopposed and the judge signs off on it which on average takes about 30-45 days, then the bank will be able to proceed forward with foreclosure action. In a Chapter 13 bankruptcy, the lender will need to follow the same procedure as listed above if you elect to give up the property. If you elect to keep the property in Chapter 13 bankruptcy, then the bank will not foreclose and you will have the option to catch up on the past due amounts through your Chapter 13 repayment plan. |
