Legal Question in Bankruptcy in New York

foreclosure

We received a summons on behalf of the holders of the asset backed securities corporation home equity loan trust to answer the Complaint in this action. It says if the Complaint is not served with this summons, to serve a Notice of Appearance on the Plaintiff's Attorneys within 20 days. If we do not reply the judgment will be taken against us by default for the relief demanded. We cannot afford to pay the back payments and plan to just let the house go. Can you tell us what the next step is how much time we might have before we have to get out? We were also wondering. We have a second mortgage and we haven't heard from them. We had filed bankruptcy which was finalized in Jan.


Asked on 8/03/08, 1:58 pm

1 Answer from Attorneys
Nancy Delain Delain Law Office, PLLC

Re: foreclosure

If you respond to the complaint and file a notice of appearance, the matter will be docketed for hearing before the court in your county that handles land disputes, foreclosures and such. You can certainly stay in the house until a judgment is rendered against you, which will likely be longer than if you do not respond to the summons.

If you do not respond to the summons, the plaintiff will ask the court for a default judgment against you and will then evict. That will likely happen in less time than it would have done if you'd filed a notice of appearance.

Talk with the attorney who handled your bankruptcy about whether the case needs to be reopened to list the mortgage/line-of-credit holders if these debts were not discharged in the bankruptcy.

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Answered on 8/03/08, 3:31 pm


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