Posted on: 07th Jul, 2009 06:12 pm
I filled a Chpt 13 in May of 08. Closed in Aug. of 08. Why is the home I gave up still in my name? I've been out of it for 15 months and it still lies vacant. I stopped paying on it in Dec. 07 by advice of my attorney. I was just billed for tall grass of $347.00 I pay $1000 monthly, none of it has gone to the mortgage co., I can't afford to maintain a home I was forced to give up because I couldn't afford it. State is Missouri. Any suggestions or recommendations would be greatly appreciated. Thank you.
welcome scapps,
in chapter 13 bankruptcy, you won't be able to give up your property. the lender will give you a repayment plan depending upon your financial situation and you'll have to clear off the dues within 3-5 years. once you do this, your bankruptcy will be discharged. you should contact your lender and check out your mortgage dues and try to pay them off. if you don't then there are chances that the lender would foreclose the property.
in chapter 13 bankruptcy, you won't be able to give up your property. the lender will give you a repayment plan depending upon your financial situation and you'll have to clear off the dues within 3-5 years. once you do this, your bankruptcy will be discharged. you should contact your lender and check out your mortgage dues and try to pay them off. if you don't then there are chances that the lender would foreclose the property.
My attorney informed me that I had the option of giving it up. He instructed me to stop paying. I have missed 19 payments. I can't afford the $1000 monthly payment. I guess I'm asking to be foreclosed than. Thank you.
Hi scapps,
Did you inform your lender that you won't be able to pay off the loan as per the new repayment plan given to you? You should inform the lender about it and surrender the property. Stopping payments won't help you in removing your name from the property.
Thanks
Did you inform your lender that you won't be able to pay off the loan as per the new repayment plan given to you? You should inform the lender about it and surrender the property. Stopping payments won't help you in removing your name from the property.
Thanks
how did you "give up" your home? if by that you mean that you vacated it and moved on, then you haven't given it up legally. in order to relinquish responsibility for the home, you would have had to transfer title to it to someone else. did you do that?
this makes me question what kind of legal advice you got.
this makes me question what kind of legal advice you got.
