Comments on: How long does a motion to relief from a automatic stay take in Colorado? Regarding a home in foreclosure.? http://www.stop42colorado.org/how-long-does-a-motion-to-relief-from-a-automatic-stay-take-in-colorado-regarding-a-home-in-foreclosure/ Taxes in Colorado | Colorado Tax Tea Party | Colorado Jobs| Colorado Homes Wed, 27 Jan 2010 04:53:41 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Becky http://www.stop42colorado.org/how-long-does-a-motion-to-relief-from-a-automatic-stay-take-in-colorado-regarding-a-home-in-foreclosure/comment-page-1/#comment-169 Becky Mon, 06 Apr 2009 12:27:33 +0000 http://www.stop42colorado.org/how-long-does-a-motion-to-relief-from-a-automatic-stay-take-in-colorado-regarding-a-home-in-foreclosure/#comment-169 A Motion For Relief is when the investor/servicer removes themselves from the bankruptcy with the blessings of the court. It takes as long as the servicer and the courts take which is determined by the severity of the delinquency. There is no 'exact' time frame. You may want to look at having your daughter move out of the home and including it in the bankruptcy because once that MFR is granted the mortgage will again report to the credit agencies as delinquent, then pre-foreclosure then foreclosure, charge off, etc.. on top of all the other credit that is reporting as BK. This means you will have both BK and FC on your credit. While there will probably be some type of forgiveness in a year or two for people who are losing their homes these days, as a potential creditor I would see the BK and FC and I'm not so sure that forgiveness would apply. It is also far easier to start repairing your credit with a BK only, as opposed to a BK and FC. Sometimes it's best to just close the door and start over (for credit purposes too) than to drag this out which in turn drags out the length of time before you're going to be able to start recovering your credit. A Motion For Relief is when the investor/servicer removes themselves from the bankruptcy with the blessings of the court. It takes as long as the servicer and the courts take which is determined by the severity of the delinquency. There is no ‘exact’ time frame. You may want to look at having your daughter move out of the home and including it in the bankruptcy because once that MFR is granted the mortgage will again report to the credit agencies as delinquent, then pre-foreclosure then foreclosure, charge off, etc.. on top of all the other credit that is reporting as BK. This means you will have both BK and FC on your credit. While there will probably be some type of forgiveness in a year or two for people who are losing their homes these days, as a potential creditor I would see the BK and FC and I’m not so sure that forgiveness would apply. It is also far easier to start repairing your credit with a BK only, as opposed to a BK and FC.

Sometimes it’s best to just close the door and start over (for credit purposes too) than to drag this out which in turn drags out the length of time before you’re going to be able to start recovering your credit.

]]> By: Lewis http://www.stop42colorado.org/how-long-does-a-motion-to-relief-from-a-automatic-stay-take-in-colorado-regarding-a-home-in-foreclosure/comment-page-1/#comment-168 Lewis Sat, 04 Apr 2009 16:00:31 +0000 http://www.stop42colorado.org/how-long-does-a-motion-to-relief-from-a-automatic-stay-take-in-colorado-regarding-a-home-in-foreclosure/#comment-168 Don't listen to what people tell you here as often the results depend on where you live The link just below should help alot as it helped me http://www.foreclosurefinancing.org Hope i helped Don’t listen to what people tell you here as often the results depend on where you live

The link just below should help alot as it helped me

http://www.foreclosurefinancing.org

Hope i helped

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