Posted on: 20th Aug, 2008 08:51 pm
we filed bankruptcy in may of 07, it has been discharged since october of '07. we were given misinformation from our attorney in january when we said we couldn't afford our home, he said because of the bk we'd be out of the house within 30 days, not the normal foreclosure time frames. well, we moved out immediately and told our lender that. we've told them all along that we were not in the property anymore. now, all of a sudden, with an auction date set for november they are asking us if we want to do a deed in lieu of foreclosure when we actually asked them about this in march and they said not to do it. we don't know what to do now, since we have the bankruptcy, our credit is already down for a few years and we aren't worried about qualifying for another mortgage for at least 5 years. does it even make a difference at this point? does the lender benefit with one over the other? thanks so much! this has been the most frustrating year ever!
We got two properties (CA and CT) that were upside down and are sitting vacant since jan 2010 and Nov. 2010 respectively. we filed chap 7 in Oct 2010, got the discharge notice Feb 2011 only to find out the CA's HOA are running after us for the Oct-present dues. Called the lenders for both houses and another surprising result-the lenders haven't foreclosed the properties yet and bills are starting to pile up again. Is deed in lieu our best option now? How will this impact our chapter 7 discharge? If we have the properties rented again, we don't have the resources for the maintenance/cleaning up since it's been sitting there empty for about a year now.
Hi partridge!
Welcome to forums!
Your query has been replied to in the given page:
http://www.mortgagefit.com/predeal/about51439.html
Take a look at it. I hope it will help you.
Sussane
Welcome to forums!
Your query has been replied to in the given page:
http://www.mortgagefit.com/predeal/about51439.html
Take a look at it. I hope it will help you.
Sussane
We filed bk, in 2009 was discharged. home was included. Found out recently my name is still on it. Have been in contact with bank to dil to get name off. Is this going to effect the 2 year window to purchase? :(
i filed chapter 7 and it was approved and all credit including our home first and second mortgage was discharged in 12/2009. the bank filed for forclosure in 2008 and still has not finalized anything w/ it. i asked for a deed in leu of forclosure they said no. now in 8/2011 i receive a letter offering it!!! what should we do? i do not want to have a 1099 for the balance of the sale but we want to be done with this. we have not lived in the home since 2008 because we could no longer afford the payments. who would have known it was going to take this long. we were told by the bankruptcy judge that we were turing over the home back to the bank in court.
we also have bills from th hoa and city water that have come in our name now for a home we turned over to the bakruptcy!
we also have bills from th hoa and city water that have come in our name now for a home we turned over to the bakruptcy!
Hi BH!
Welcome to forums!
If you want to get rid of the property now that your bankruptcy has been discharged, it will be a good option to accept the offer of a deed in lieu of foreclosure and surrender the property to your lender. If the property remains in your name, then you will be receiving the bills related to the maintenance of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you want to get rid of the property now that your bankruptcy has been discharged, it will be a good option to accept the offer of a deed in lieu of foreclosure and surrender the property to your lender. If the property remains in your name, then you will be receiving the bills related to the maintenance of the property.
Feel free to ask if you've further queries.
Sussane
We filed bankruptcy and were discharged in august of 2011. We want to sell our house but we found out we would be lucky to get half of what we owe. Our realtor told is that since we already filed bankruptcy and we never reaffirmed on the mortgage or equity loans that we can do a deed in lieu of and walk away from our house. Is this true? How does it work?
Hi Jess!
Welcome to forums!
If you haven't reaffirmed the loan, you won't be liable for the mortgage payments personally. Thus, you can simply surrender the property to the lender and walkaway from it. You won't be liable for paying off the deficient balance resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you haven't reaffirmed the loan, you won't be liable for the mortgage payments personally. Thus, you can simply surrender the property to the lender and walkaway from it. You won't be liable for paying off the deficient balance resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
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