Posted on: 02nd Jun, 2010 07:25 am
part of my chapter 7 bankruptcy was surrendering my house back to the lender. however, when i called the mortgage company, the person with whom i spoke said that they are not going to foreclose on the house because it's too expensive, and i still have to satisfy the lien, even though the debt has been discharged.
i was wondering what are my responsibilities now to the house and the lender, now that the debt has been discharged?
i was wondering what are my responsibilities now to the house and the lender, now that the debt has been discharged?
Welcome kbpatt,
Though the debt has been discharged, the lender will still holds the lien on the property. If you pay off the dues on time, it will help you in saving the property. If you don't do so, the lender has the rights to foreclose it. However, it is completely the lender's discretion whether or not he will foreclose it.
Though the debt has been discharged, the lender will still holds the lien on the property. If you pay off the dues on time, it will help you in saving the property. If you don't do so, the lender has the rights to foreclose it. However, it is completely the lender's discretion whether or not he will foreclose it.
Thank you for your response. I am not interested in keeping the house. The reason I surrendered it in the bankruptcy is that I cannot afford to keep it up, or pay the taxes, or the mortgage.
I would like for the lender to take it back, but their representative with whom I spoke said they will not foreclose on it. Is there something I can do to make it easier for them to take the house back without going through the foreclosure process?
I would like for the lender to take it back, but their representative with whom I spoke said they will not foreclose on it. Is there something I can do to make it easier for them to take the house back without going through the foreclosure process?
Hi kbpatt,
Unless the lender sells off the property, it will remain in your name. You will have to request the lender to sell it off asap. You can even negotiate with the lender to find out if you would be able to list the property in the market and try to sell it.
Take care.
Unless the lender sells off the property, it will remain in your name. You will have to request the lender to sell it off asap. You can even negotiate with the lender to find out if you would be able to list the property in the market and try to sell it.
Take care.