Posted on: 26th May, 2010 04:13 pm
We filed a chapter 7 BK almost two years ago and included our house. We expected a foreclosure within several months, so when we found a good rental, we moved. Now the property is in disrepair (weeds, doors removed, etc) and we are being held responsable for repairs or get fined. Is there any way to get the bank to take the property? If we could afford the upkeep on two homes we wouldn't be in this situation in the first place. It occured to me that maybe we could do a deed-in-lieu, but I am concerned we would have to re-affirm the loan first, and then lose the benefit of the bankruptcy. I just don't understand this stuff and am very frustrated with the bank. Someone told me that if we mail them the key, they have to take possession. . . sounds wierd, but they said it was on the news. Any help? Thanks. (in California by the way)
Welcome knrlane,
I hope you've surrendered the property to the lender after Chapter 7. You will not have to reaffirm the loan now in order to force a deed in lieu. You can contact your lender and ask him to foreclose the property immediately. If the lender gets a buyer to sell off the property, then he would foreclose it immediately.
I hope you've surrendered the property to the lender after Chapter 7. You will not have to reaffirm the loan now in order to force a deed in lieu. You can contact your lender and ask him to foreclose the property immediately. If the lender gets a buyer to sell off the property, then he would foreclose it immediately.
Thanks! I appreciate your response. . .
How do we "surrender the property"?? Is that sending the key to them? I have called the bank many, many times and they just tell me they don't know when it will be foreclosed. In fact, they keep sending statements and asking if we want to make a payment. They are not offering me any information. How do I force a deed in lieu?
How do we "surrender the property"?? Is that sending the key to them? I have called the bank many, many times and they just tell me they don't know when it will be foreclosed. In fact, they keep sending statements and asking if we want to make a payment. They are not offering me any information. How do I force a deed in lieu?
Hi knrlane!
Welcome to forums!
You can contact the lender and express your wish to surrender the property to them. You can send the keys to the lender as well and ask the lender to foreclose the property as soon as possible. The lender will let you know whether or not the property would be sold off quickly.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can contact the lender and express your wish to surrender the property to them. You can send the keys to the lender as well and ask the lender to foreclose the property as soon as possible. The lender will let you know whether or not the property would be sold off quickly.
Feel free to ask if you've further queries.
Sussane
Thanks. The lender's response has always been, they will get to it when they get to it. I called again yesterday and asked about a deed in lieu and they said we would have to list the property for sale for 90 days. I knew this was normally the case, but was surprised that they still required that after a bankruptcy. On the bright side, they said not to worry about the code violations, they would send a team out right away . . .