bankruptcy relief from stay
What is an automatic stay?
My husband and I filed for bankruptcy for our credit cards. We stayed home and cars. Our neighborhood has become very dangerous and we do house for sale, but stopped paying the mortgage because we are moving first September. The mortgage is now 2 months behind our Bankruptcy case was confirmed, March 2007. I have just received a letter from the Postal Court 30 August back, because Washington Mutual (our second mortgage) for exemption from the automatic stay filed. What does this mean? I also noticed that the bank I have my car loan through is called in the bottom of it are subject to lien. Who knows what to do all this? I'm going to my attoorney tomorrow but in the meantime I wanted to get some info. Thanks in advance. Attorney **
The Automatic Stay is in, if you set file for bankruptcy. This basically stops all collection activities and civil cases against you, pending the outcome of your bankruptcy is determined. Since now you stopped paying the mortgage, WaMu will have the stay lifted on your mortgage. If they receive them they can then lifted Preceding to foreclosure, at which time they can take, start the house. Basically, if you wanted to keep the house (even sell it), you should not stop paying the mortgage to have. If you stop on a loan secured by a house to pay, they can even with the house.
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