Sherrif's Sale Timeline - Posted by joel

Posted by Barry (FL) on May 08, 2007 at 23:38:55:

I’ve never seen you in the corner. ;o)

Sherrif’s Sale Timeline - Posted by joel

Posted by joel on May 07, 2007 at 19:50:55:

Does anyone know how long it generally takes, after Bankruptcy has been filed, for a property to go to a Sherrif’s Sale once the bank’s attorneys have been granted a stay of relief by the court?

Also, is the owner of the property still liable for the property after the Sherrif’s Sale date?

No way to answer this - Posted by JT-IN

Posted by JT-IN on May 07, 2007 at 20:43:09:

Without knowing which state the property is located. There could be potentially 20 different correct answers here, depending on the state involved.

Also depending on whether the foreclosure case had been started at all prior to the Bk filing, will have a great deal of difference on the time line.

And it is “relief of stay”.

Re: No way to answer this - Posted by joel

Posted by joel on May 08, 2007 at 07:34:59:

The property is in Indiana and the foreclosure process started in July of 2006 and BK was filed in November of 2006. There was a momentary halt to the foreclosure process due to BK, but the attorneys have since been granted a relief of stay.

Time is about up… or should be - Posted by JT-IN

Posted by JT-IN on May 08, 2007 at 08:28:08:


A foreclosure in Indiana takes about 5 to 6 months to complete, barring any interruptions. The Bk you mention is certainly an interruption to the time line but only to the extent of the granting of a “relief of stay” by the Bk Court. Once the relief is granted then the Bk has no additional bearing on the foreclosure case, unless there is some modification from the Bk court, which is rare.

Things that can alter or extend the time line besides Bk are delays due to serving the Debtor “Notice”, meaning a confirmation that the party who owes the mtg has been notified of the proceedings. If Notice can not =be established by certified mail, and the owner cannot be served in person, the often a “notice by publication” is used, meaning there will be a series of newspaper ads run to inform the Debtor or anyone who might know the whereabouts of the Debtor, that the proceeding is taking place. After 3 or 4 weeks of notice by publ, it is assumed that the party has Notice, or should, and this will suffice as the party being served notice. So this process can add 30 to 60 days to the time line. Other factors that can effect the time line is simply a failure on the part of the Plaintiff’s Atty to adhere to timely notices and filings. Often times this can delay a case needlessly for months, but it happens often. It is not the Attys money at risk here and large banks usually don’t ride heard on the Attys either.

So based upon the initial filing of this case being in July of 06, and the Bk in Nov 06, the Plaintiff could have been nearing a Judgment before the Bk filing. This means that the next step would be asking the sheriff to sell the property. Again, hard to say what ACTUALLY happened in this case and how timely the Attys actually were, but one could tell by looking at the file.

Then you say it was “momentarily” before the issue of the relief from stay, but that rarely happens before 60 days from the initial filing, and many times longer than that. So w/o knowing the exact time line on the granting of the relief, it is hard to say… Bottom line is, the property should be coming up for sale by the Sheriff rather soon.

In Indiana, once the sale occurs, there are no rights retained by the former owner. The purchaser is entitled to immediate occupancy (usually within a few days, from a practical viewpoint), and the former owner has no requirement to maintain anything, since they no longer own the property, once the Sheriff says “Sold to the fat guy in the corner”. That is usually me.