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x7so · Joined: 10 Sep 2008 Posts: 3 2.14 Dollars($)

I surrendered my home in Dec 2007 after going BK7 but the lender still has not foreclosed on the property so the taxes and property are still in my name. What I am wondering is how long does it take to get another home mortgage. Will it be 2 years minimum from my discharge date or do I have to wait until they finally decide to foreclose and count from there?

helping_user · Posted: Thu Sep 11, 2008 3:16 am Post subject:

Welcome x7so.

Since you have been through bankruptcy Chapter 7, it will take at least 2 years from your discharge date in order to qualify for FHA loans at favorable rates of interest.

For conventional loans at suitable rates, you'll have to wait for 4 years at least from the date of discharge. You said you've surrendered the home. Does it mean that you've gone for a deed in lieu? But again you have said that the lender isn't foreclosing. The point is, deed in lieu and foreclosure are different altogether. So, can you please explain clearly as to whether the lender has declared foreclosure or accepted deed-in-lieu?

Thanks.

x7so · Joined: 10 Sep 2008 Posts: 3 2.14 Dollars($)

...the home has been listed by my Realtor since October 2006. We had 2 short sale offers on it but the lender rejected them. The lender has also rejected my offer of deed in lieu.

Their is only one lien on the house (option one mortgage) and they have not foreclosed but I did receive (I think its called) lis pendes a long time ago.

Thank You.

helping_user · Posted: Fri Sep 12, 2008 3:09 am Post subject:

So you mean that the lender has filed the foreclosure but the sale is yet to take place?

x7so · Joined: 10 Sep 2008 Posts: 3 2.14 Dollars($)

All I have received so far is a notice of default. MY BK attorney said they have to file through the courts here in florida to foreclose even though I surrendered it in BK7. So Im not sure when they will file but I am wondering how that will effect my credit because it could foreclose a year or more after discharge.

vegas_storms · Joined: 12 Sep 2008 Posts: 67 3.54 Dollars($)

It is possible to qualify for FHA loans one year out of bankruptcy.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Unfortunately you will just have to wait until they file. It will take longer for your credit to recover since your going to need to wait at least two years from the date of foreclosure before purchasing another home.

I would like to add however, that even though your lawyer included the home in the bankruptcy, if you want to keep the property, you can contact the lender's loss mitigation to come to an agreement for you to resume the payments and keep the property. Just wanted to let you know that you still have this option if you would rather keep the property.

Guest

I am still getting bills for water and to do ground maintenance after
home is discharged thru bk7. Am I responsible?

jenkin7 · Posted: Tue Dec 29, 2009 3:15 am Post subject:

Hi Guest,

If you have been discharged from your debts through bankruptcy Chapter 7, you are no longer responsible for the home loan. But it seems that the lender has not yet foreclosed on your property and the title is still in your name. This is why you are still getting the bills in your name. However, after the discharge you are not liable to pay off the mortgage anymore.

Guest

I just got my discharge papers for my chapter 7 bankruptcy. I surrendered my house in the bankruptcy and the city and county taxes are due on the house this January 1st. Do I have to pay them?

adonis · Posted: Thu Dec 09, 2010 1:10 am Post subject:

Hi Guest,

Unless the lender forecloses the property and sells it off, there are chances that you will be liable for the maintenance of the property. In such a situation, you'll have to pay for the city and county taxes.

Guest

SO IF ON A BK7 DISCHARGED BUT WITH NO FORECLOSURE THE OWNER STILL LIABLE FOR TAXES AND INSURANCE THEN CAN THE OWNER STILL RENT OUT THE PROPERTY?

jameshogg · Posted: Tue Dec 14, 2010 8:45 pm Post subject:

Hi HOTMAIL,

Your query has been replied to in the given page:
http://www.mortgagefit.com/know-how/about47596.html

Take a look at it. Hope it helps you.

Thanks

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Lender still has not foreclosed