motion for relief from stay

[WCC]

What is the name of your state? florida

what is a motion for relief from stay and how does it relate to homestead property? what is adequate protection? thanks in advance for any answers!!

 

[dorenephilpot]

Before I answer your question, I'll give you a little background info that you'll need to know.

When a person files a BK petition, an automatic stay goes into effect. The automatic stay means that your creditors cannot continue any collections proceedings against you, such as lawsuits, garnishments of wages, dun notices, phone calls, etc. Failure to comply with the automatic stay is a violation of federal law.

Sounds like one of your creditors is petitioning the court for relief from stay, which means that they're asking the court if they can be given permission to do collections proceedings in your situation.

The reasons for that might be that you have not paid your house payment for several months, don't have insurance on it or are letting it go to pot and the creditor is worried about the safety of their investment.

So, they're asking the court to allow them to continue with trying to protect their investment/be allowed to proceed such as with a foreclosure to adequately protect their investment.

Hope this answers your questions.

 

[WCC]

florida

thank you very much.......another question though. this is my brother and sister-in-law and they say they are maybe only 1 1/2 payments behind and this is their homestead property. if they were to become current on payments and there were no other issues (ie:insurance) would that solve the problem or is it up to the lender? they have a 1 month old and an 8 year old. should they be filing an answer to this motion?

 

[dorenephilpot]

If they want to keep the home and reaffirm on the debt, THEY NEED TO GET THE LOAN CURRENT.

The fact that they have kids is irrelevant to the debt issue in everyone's eyes except theirs.

 

[WCC]

florida

thanks for the info....you have been extremely helpful.i will tell them to get current and stay that way. thanks again