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 vpdawn58
Joined: 28 Jun 2007
Posts: 3
2.84 Dollars($)
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 Posted: Mon Jul 02, 2007 6:56 am Post subject: foreclosure |
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| I am currently in a Chapter 13 plan. I have a rental property that is in default right now. The rental property although originally listed in the Chapter 13 was granted relief from stay, so they are no longer in my Chapter 13 plan. (I only listed $300.00 in late fees to them originally). The property is currently vacant and I have not paid on it since May. The location of the property is terrible, the neighborhood atrocious and the properties are not moving at all. I have consulted with a reputable real estate agent who doesn't feel confident about moving the property. I contacted the mortgage company after they sent me correspondence leading me to believe they would accept a deed in lieu. They want me to list the house for sale. Although I understand they want to reap as much of their money back as possible, I just don't have the desire to go through this. I have owned the house for 25 years and cannot tell you the constant nightmares I have endured including the disastrous descent into bankruptcy thanks to this property! Without the attempt to sell, the mortgage company won't even talk with me. They were extremely nasty to me on the phone for over 27 minutes (17 of those on hold). I do understand the tax ramifications of a foreclosure, and my credit is pretty well shot for the next 10 years anyway. My question is if they sue for deficiency judgement won't it just go into the Chapter 13 pile? |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.84 Dollars($)
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| Posted: Mon Jul 02, 2007 12:42 pm Post subject: |
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Vpdawn,
Many lenders require the property to be listed for sale for some period of time before accepting a deed in lieu.
However if they accept a deed in lieu of foreclosure then they can waive their rights to sue for any deficiency judgment against you. Contact them to know if they are willing to waive their rights to go for a deficiency judgment.
Miller |
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Kuperberg
Guest
0.10 Dollars($)
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| Posted: Mon Jul 02, 2007 4:18 pm Post subject: |
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| Quote: | | I do understand the tax ramifications of a foreclosure, and my credit is pretty well shot for the next 10 years anyway. My question is if they sue for deficiency judgement won't it just go into the Chapter 13 pile? |
As it was not included in the plan the deficiency amount claimed by lender will not become part of the bankruptcy plan. |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.64 Dollars($)
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| Posted: Tue Jul 03, 2007 6:16 pm Post subject: |
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HI Vpdawn,
Which state you are in? I ask this as in some states lenders are not allowed to claim deficiency judgment even if the foreclosure sale does not recover the total mortgage amount.
Thanks
Blue
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