What is an automatic suspension?
My husband and I declared bankruptcy due to our credit cards. We kept our house and cars. Our neighborhood has become very dangerous and we put the house up for sale, but has stopped paying the mortgage, because we will move on Sept. 1. The mortgage is now two months late, our bankruptcy was confirmed in March 2007. I just received a letter in the mail back to court Aug. 30 because Washington Mutual (our second mortgage) has filed a relief for the automatic suspension. What this mean? I also noticed the bank that I have my car loan through is on the bottom, it says subject to the lien. Is anyone knows what it might all mean? I will contact my attoorney tomorrow, but meanwhile I wanted to get some information. Thank you in advance. Advocate **
The suspension shall be automatic when you declare bankruptcy. This essentially prevents collection activities and ALL civil cases against you until After your bankruptcy is determined. But since you stopped paying your mortgage, WaMu wants the lifting Stay on your mortgage. If they get up they will then be able to start preceedings foreclosure when they can take home. Basically, if you want to keep the house (even to sell) you should not have stopped paying the mortgage. If you stop paying on a loan secured by a home they can still take home.
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