Posted on: 13th Jan, 2011 01:48 pm
Hello All,
My Ch 7 BK was discharged at the end of December. I included my home in the BK and agreed to surrender it. I have been out of this property since October, (a rental opportunity came up that I couldnt pass on).
I have not received any paperwork from my lender and I do not believe I have even received a notice of default yet.
Now after my BK has been discharged and the debt on my first and second mortgages have been forgiven is a deed in lieu is better for me than a foreclosure? I am concerned if I do perform a DIL if there are any legal consequences I may be suceptible to.
Another issue that is making this difficult is that I have an HOA on this property. I stopped paying HOA dues as of October (when I moved out). Now the HOA is threatening me with letters and I am concerned if they proceed with a suit against me, as opposed to a lien on the property, I may be vulnerable. If I were to get this property out of my name and to the lender, then the HOA becomes their issue.
Even after all of this, there still is no guarantee that my lender will accept a DIL, or does the fact that I have filed ch7 discharging the mortgage increase my odds of this happening?
Regards,
My Ch 7 BK was discharged at the end of December. I included my home in the BK and agreed to surrender it. I have been out of this property since October, (a rental opportunity came up that I couldnt pass on).
I have not received any paperwork from my lender and I do not believe I have even received a notice of default yet.
Now after my BK has been discharged and the debt on my first and second mortgages have been forgiven is a deed in lieu is better for me than a foreclosure? I am concerned if I do perform a DIL if there are any legal consequences I may be suceptible to.
Another issue that is making this difficult is that I have an HOA on this property. I stopped paying HOA dues as of October (when I moved out). Now the HOA is threatening me with letters and I am concerned if they proceed with a suit against me, as opposed to a lien on the property, I may be vulnerable. If I were to get this property out of my name and to the lender, then the HOA becomes their issue.
Even after all of this, there still is no guarantee that my lender will accept a DIL, or does the fact that I have filed ch7 discharging the mortgage increase my odds of this happening?
Regards,
hi chrissmith,
i guess you haven't reaffirmed your mortgage. in such a situation, you can go for either deed in lieu of foreclosure or foreclosure. in both the cases, the lender won't be able to come after you to recover the balance dues. it will be the lender's discretion if he will accept a deed in lieu of foreclosure or a normal foreclosure.
i guess you haven't reaffirmed your mortgage. in such a situation, you can go for either deed in lieu of foreclosure or foreclosure. in both the cases, the lender won't be able to come after you to recover the balance dues. it will be the lender's discretion if he will accept a deed in lieu of foreclosure or a normal foreclosure.