3 weeks advance notice to you is in the right ballpark ....I'd not bet on wrong notices , not at this stage!
My very limited understanding of Ch 7 is that it does NOT discharge the duty of the Ex to pay under the property separation agreement ( while Ch 13 does ) so if I'm right, in theory you can go back after EX to make you whole ...but that's a later step . It does not stop the creditor from proceeding with foreclosure ...the debt ur runs against the property and it was per your post recorded ahead of your deed.
Your #1 priority to me is to get the lender paid up ahead of sheriffs sale .including all those interest and penality fees...you risk losing some 100k in equity over 26K of debt ...lousy outcome if you get it wrong.
YOu then later go back after EX for contempt of the order and such sanctions the court will allow ...and pray you can squeeze it out of him ...and in a practical,sense his Ch 7 eliminated most of his other creditors ...you just might get something .
I disagree as to risks , yes you have staturory redemption rights in MI but there are an additional layer of cost packed on top PLUS if you miss the deadline in raising the money you just sunk your ship....and in your fact pattern right now you have 100k of equity and may be a good credit risk for 26 K ...but if you are on a rapidly sinking ship towards O equity you may have a lot harder time to find a willing lender at terms you think are reasonable .
IVe never played to buy at sheriff auction game ...but the lender is only likely to bid it up to 26 k ...and if the audience is but a few bottom feeders who have a "pool" and they bid it up to a mere 28k...and you don't have the cash to bid...you are on the edge of being toast. ( I have some acquaintances who play the buy at auction games, albeit in another state, and per their versions of the game, they can drive the post sale redemption costs up some major steps to inhibit redemptions unless homeowner pays a whopper adder. ...then again they may be hot air )
My very limited understanding of Ch 7 is that it does NOT discharge the duty of the Ex to pay under the property separation agreement ( while Ch 13 does ) so if I'm right, in theory you can go back after EX to make you whole ...but that's a later step . It does not stop the creditor from proceeding with foreclosure ...the debt ur runs against the property and it was per your post recorded ahead of your deed.
Your #1 priority to me is to get the lender paid up ahead of sheriffs sale .including all those interest and penality fees...you risk losing some 100k in equity over 26K of debt ...lousy outcome if you get it wrong.
YOu then later go back after EX for contempt of the order and such sanctions the court will allow ...and pray you can squeeze it out of him ...and in a practical,sense his Ch 7 eliminated most of his other creditors ...you just might get something .
I disagree as to risks , yes you have staturory redemption rights in MI but there are an additional layer of cost packed on top PLUS if you miss the deadline in raising the money you just sunk your ship....and in your fact pattern right now you have 100k of equity and may be a good credit risk for 26 K ...but if you are on a rapidly sinking ship towards O equity you may have a lot harder time to find a willing lender at terms you think are reasonable .
IVe never played to buy at sheriff auction game ...but the lender is only likely to bid it up to 26 k ...and if the audience is but a few bottom feeders who have a "pool" and they bid it up to a mere 28k...and you don't have the cash to bid...you are on the edge of being toast. ( I have some acquaintances who play the buy at auction games, albeit in another state, and per their versions of the game, they can drive the post sale redemption costs up some major steps to inhibit redemptions unless homeowner pays a whopper adder. ...then again they may be hot air )
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