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My husband had his house discharged in 2005 from his previous marriage...the exwife still lives in the house and he just checked his credit report and the house is listed once as discharged, the a second time as foreclosure proceeding were started in 6-2011? Can someone tell us what this means? The exwife claims his name is still on mortage and cant be taken off because he wont reaffirm the debt as advised by his lawyer...says its too late to do that..any advice?

smithsussane · Posted: Thu Aug 11, 2011 9:45 pm Post subject:

Hi EdieA!

Welcome to forums!

As far as I can understand, the mortgage has been discharged in the bankruptcy filing. However, the lender has the rights to foreclose the property in order to recover the balance debts. As the mortgage is in the name of your husband, foreclosure will be listed in his credit report.

Feel free to ask if you've further queries.

Sussane

Guest

Here is my situation and then question. We are a BK7 with a primary mortgage and a rental property. The rental was foreclosed on without issue during the chap. 7. We retained the house on the pay to retain program, but it was still included in the chap. 7. We are upside down $230k. We have a second mortgage with a $90k Balloon due in 9 yrs. We live in a neighborhood that is still being developed with new homes being built right behind us for literally half what we owe on ours. Since we are chapt. 7 is there ANY benefit whatsoever in trying to conduct a shortsale, or pursuing a Deed In Lieu? Both of these would recquire the 2nd place mortgage holder to simply release or forgive that note ($90k) and then the process of listing the property for 90 days, and either finding a buyer and or receiving permission for Deed in lieu. But based on the above remarks, if we simply walk away there is no more negative affect on the credit than what the Chap. 7 did and we are already at 680 less than a year out of BK7. So if there's nothing more negative of an impact then why would we pursue a forgiveness, and go through the headaches of a short sale??

adonis · Posted: Wed Aug 24, 2011 10:36 pm Post subject:

Welcome semm,

Your query has been replied to in the given page:
http://www.mortgagefit.com/inprocess/about52917.html

Take a look at it. I hope it will help you.

Guest

Can I walk away from the my house after chapter 7?

smithsussane · Posted: Tue Oct 18, 2011 11:11 pm Post subject:

Hi Sheeba!

Welcome to forums!

You can surrender the property to the lender if you have included it in your bankruptcy filing. The lender will foreclose it and recover as much dues as possible. He won't come after you in order to recover the deficient balance as the loan has been discharged in your bankruptcy filing.

Feel free to ask if you've further queries.

Sussane

Guest

I filed for a chapter 7 back in 07. The house was given back to the bank(Countrywide Home Loans) in the bankruptcy. I'm not sure if it was before or after the discharge that Countrywide was taken over by BOA. It has now been 4 years since I have lived in the house and even longer since I have made any payments on it. Upon applying for a very small auto loan, I was denied due to a pending foreclosure showing on my credit report. Isn't this a violation of my rights?

jameshogg · Posted: Mon Nov 07, 2011 10:29 pm Post subject:

Hi Vegas,

Though you have surrendered the property the lender has not yet foreclosed the property but will be doing it. The foreclosure has been reported to your credit report which the lenders can do though you filed bankruptcy. You should contact the concerned lender and ask him to sell off the property asap in order to get rid of it.

Thanks

Guest

Our bankruptcy was dischared 2/08. We did not reaffirm our 1st or 2nd mortgage. We can no longer afford this home and are late on both loans. We just found out that we don't qualify for a modification and they cannot help us. If we don't catch the payment up they will forclose. My question is: Which is better, deed in lieu of or just walk away? Whatever is suggested how will this effect our credit report? Will it be a double wammy? How long would it be before we could purchase a more affordale home? Since our bankruptcy we have reestablished our credit score to be very good, but I don't want to hurt it again. Any suggestions?'

Niicss · Posted: Tue Jan 10, 2012 1:49 am Post subject:

As you haven't re-affirmed your mortgage, you can simply walkaway from your property. The lender will foreclose the property and recover as much debts as possible. He won't come after you in order to recover any further deficient amount. After a bankruptcy discharge and foreclosure, you may have to wait around 3-4 years to qualify for a new mortgage.

Guest

we just received a discharge in chapt 7 and we did not include our 1st or 2nd mortgages. Now after being discharges we want to walk away as we are wayyy upside down. What do I need to consider? Can I assume 12 mo or more of foreclosure time? Will my credit be severely affected? Can I even rent after all this??

jameshogg · Posted: Fri Apr 20, 2012 9:35 pm Post subject:

Hi kk,

You can surrender the property to the lender and get rid of it. The lender will sell it off and recover the debt. It may have some negative affect on your credit report. Initially you may face difficulty in renting a property but with time, you will be able to rent.

Thanks

Guest

what's the best way to handle home owners ins payments and property tax in forecloure if it is setup in an escrow account?

jerry · Posted: Thu Apr 26, 2012 3:42 am Post subject:

Hi kk,

If there is an escrow account, then the lender will have to make home owners insurance payments and property tax payments from that account.

Thanks,

Jerry

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