Posted on: 23rd Sep, 2010 08:17 pm
We filed for bankruptcy 2.5 years ago, and in our original papers our second home was written as deed in lieu. the bankruptcy was modified since the original filing (that referenced the DIL) and I am unable to find any notice of it now (other than as a creditor)
well Now the second property is saying we are 31 months behind....
1) I am protected by BK laws so they should not be harrassing?
2) since they did not contest at the Bankruptcy hearing they became a creditor? right?
Now the mortgage company is saying we need to list the home for 3 months so they can look at any short sale opportunities, and they recommend listing with a Realtor, if after 3 months and no reasonable offers they will consider Deed in Lieu over foreclosure.
can I list my self?
if no reasonable offers occur (zillow price is 1/3 of the mortgage price) what happens?
well Now the second property is saying we are 31 months behind....
1) I am protected by BK laws so they should not be harrassing?
2) since they did not contest at the Bankruptcy hearing they became a creditor? right?
Now the mortgage company is saying we need to list the home for 3 months so they can look at any short sale opportunities, and they recommend listing with a Realtor, if after 3 months and no reasonable offers they will consider Deed in Lieu over foreclosure.
can I list my self?
if no reasonable offers occur (zillow price is 1/3 of the mortgage price) what happens?
Hi Guest,
If you included the second home in your bankruptcy filing and you've gotten a discharge from the mortgage, then you're protected under the bankruptcy laws. The lender will not be able to come after you for the debt. They won't be able to come after you once your loan has been discharged. You should contact your bankruptcy and take his opinion in order to decide whether or not you should list the property for sale.
Thanks
If you included the second home in your bankruptcy filing and you've gotten a discharge from the mortgage, then you're protected under the bankruptcy laws. The lender will not be able to come after you for the debt. They won't be able to come after you once your loan has been discharged. You should contact your bankruptcy and take his opinion in order to decide whether or not you should list the property for sale.
Thanks
Filed chapter 13. No reaffirmation of debt on rental property. Bank wants a deed in lieu of foreclosure. Any tax on sequences?
Welcome Luke,
In case of deed in lieu of foreclosure, the lender will forgive the deficient balance resulting from the sale of the property. But due to the Mortgage Debt Forgiveness Act, you will not be liable for paying any taxes on the forgiven debt.
In case of deed in lieu of foreclosure, the lender will forgive the deficient balance resulting from the sale of the property. But due to the Mortgage Debt Forgiveness Act, you will not be liable for paying any taxes on the forgiven debt.