Legal Question in Real Estate Law in California

My home is scheduled for forclosure sale "sept. 30th" how much time can I buy if I file bankruptcy?


Asked on 9/26/09, 8:19 pm

2 Answers from Attorneys

Robert F. Cohen Law Office of Robert F. Cohen

Maybe 20-30 days maximum. You would file your bankruptcy, the creditor would file a motion for relief from automatic stay probably within five days, the hearing would be 10 to 15 days later, and then the foreclosure would proceed. Once that occurs, the purchaser would have to provide you with a three-day notice to quit, then file an unlawful detainer (eviction) lawsuit against you if you remain. You would have five days to file an answer, and then a trial would be scheduled within a couple of weeks. Eviction could occur within the following week. Of course, during any time during that period, you could try to negotiate with the purchaser for more favorable terms.

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Answered on 9/26/09, 9:10 pm
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

I interpret Mr. Cohen's answer to mean you would be 50-60 days from eviction by the sheriff instead of 30 without the benkruptcy. That's about right in my view too, except I see delays all over the place because of court crowding and procedural glitches, and I'd guess it's be more on the long end of the estimate, or even more - 70 to 90 days maybe if you're lucky. However, if you are going to file bankruptcy, be sure to discuss Ch. 13 as an alternative to Ch. 7 with your BK attorney, and if you qualify, you might even be able to keep your home through a "loan modification" imposed under bankruptcy law.

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Answered on 9/27/09, 12:29 am


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