Posted on: 11th Aug, 2010 11:55 am
my home was included in a chapter 7 bankruptcy filing which was discharged in october 2009. i have never been behind in my mortgage and, although the debt was not reaffirmed, i have continued to pay the mortgage, taxes & insurance. i am up to date on all these payments.
however, there are repairs that need to be done to the house and i do not have the extra income to do so. how do i do this? i realize that because of the bankruptcy i do not personally owe the debt for the mortgage, but do know that there is a lien on the home in my name because of the mortgage debt. do i just let the bank foreclose or can i sign the house over to them? help!
however, there are repairs that need to be done to the house and i do not have the extra income to do so. how do i do this? i realize that because of the bankruptcy i do not personally owe the debt for the mortgage, but do know that there is a lien on the home in my name because of the mortgage debt. do i just let the bank foreclose or can i sign the house over to them? help!
Hi jeanlwilliams!
Welcome to forums!
If you do not want to keep the property, then you should contact the lender and surrender it to him. In order to recover the dues, the lender would foreclose the property. As you're not personally liable for the loan, you won't be liable for paying the balance dues resulting from the sale of your home.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you do not want to keep the property, then you should contact the lender and surrender it to him. In order to recover the dues, the lender would foreclose the property. As you're not personally liable for the loan, you won't be liable for paying the balance dues resulting from the sale of your home.
Feel free to ask if you've further queries.
Sussane
Sussane, thanks for responding. Another question - if I call my lender and surrender it to them, how long do I have to leave the home? (I purchased my parent's home 4 years ago & have a combination of their stuff & mine.) When I surrender the home to the lender, it will no longer be in my name, correct? What about the lien on my home? I don't want to have the home still be in my name and be responsible for the upkeep (mowing the grass, etc.) - that's one reason I want to give up the house. Thanks again for responding
Hi Guest,
Once you surrender the property, the lender may ask you to leave it immediately. You can negotiate with the lender in order to get some time to pack your things and move out to another place.
As far as I know, unless your property is sold off by the lender at a foreclosure auction, the property would remain in your name and you may be held responsible for the upkeep of the property.
Once you surrender the property, the lender may ask you to leave it immediately. You can negotiate with the lender in order to get some time to pack your things and move out to another place.
As far as I know, unless your property is sold off by the lender at a foreclosure auction, the property would remain in your name and you may be held responsible for the upkeep of the property.