Legal Question in Bankruptcy in Missouri

I live in Missouri (St. Louis area). My house is in foreclosure (Bank if America).I just received the first letter from a law firm in charge of the foreclosure (probably doesn't make a difference, but law firm is in KC).

Two questions:

1) The letter says they were appointed"Trustees" to foreclose the property. I'm not familiar with a law firm serving as a"trustee"as opposed to a debt collector.Doesn't this forclosure still have to be taken to court? (to obtain a "default judgement"?)

2) How long from this point--the first letter--do I have?The house is for sale and I'm also trying to get BAC to do a loan modification.

3) Will a Chapt.7 Bankruptcy filing stop this temporarily? How long, typically, before the law firm is likely to get the "automatic stay" overturned so they can continue? I'd be doing this as a"tactic"knowing that the filing will be $299 plus what ever my attorney charges me for handling the filing.

I'd like to buy some time to continue to try to sell the house and save up money for a move.I'm 65.

Thanks


Asked on 1/24/10, 2:58 pm

1 Answer from Attorneys
Anthony Smith LawSmith

Missouri has non-judicial foreclosure, so the lender need nto obtain ajudgmetn from the court in order to hold foreclosure sale. Therea re some things you might be able to fiel to delay or possibly prevent the foreclosure. An attorney in yrou area could evaluate whther any apply to your case.

The bankruptcy filing will cause an automatic stay of all foreclosure action. The lender is likely to get teh stay lifted as to the foreclosure, unless you fit into one of hte other categaories. Again, an attorney in your area can evaluate your situation.

the lender always designates asucccessor trustee to handle the foreclosure. Often thios is amember of the law firm representing them in the foreclosure.

Since you say your lender is BoA and it is a KC fiorm, I think I know which firm it is. If they just sent you the default letter, you have about 70 days before the deputies show up at yrou door to change the locks. If it is the the Notice of foreclosure sale letter from the trustee, then you time may be shorter.

Good luck

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Answered on 1/30/10, 7:07 am


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