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dburg04 · Joined: 17 Feb 2011 Posts: 2 1.61 Dollars($)

We filed chapter 7 in May of 2010 and discharged in August. Our house was not reaffirmed and we stopped making payments in June. I put the house on the market in September with the strategy that it might slow down the foreclosure process if the bank(BOA) saw that I was doing the job for them.

So, my questions is, does having the house on the market slow down the foreclosure process at all? Or am I wasting my time and stressing over showings and hoping that it doesn't sell because I need to save as much money as possible before my kids and I have to move.

My listing expires in a month and I don't want to relist the house. I have been reading so much about how long people are living in their house while they wait to be foreclosed on. Since my husband and I are separatad, the extra time helps me be able to save money for the inevitable.

This is my first post and any advice would be very welcome. I have been struggling with this for sometime and the stress is starting to take it's toll.

Thank you!!

adonis · Posted: Thu Feb 17, 2011 10:33 pm Post subject:

Welcome dburg,

You can simply surrender the property to the lender and ask him to foreclose it asap so that you can get rid of the property. You should keep in constant touch with your lender in order to get the property sold off. Once the property is sold off, the lender won't be able to come after you for the deficient balance resulting from the property sale.

gmakerley · Posted: Fri Feb 18, 2011 11:48 am Post subject:

Dburg, I don't think you got the response you wanted above. Contacting your lender to expedite the foreclosure process would contradict what you said about your desire to save as much money as possible prior to foreclosure.

As for marketing the home for sale...I don't think that's going to make a lick of difference to your lender. They're taking the foreclosure action based on your lack of timely monthly payments on the mortgage, and your efforts to sell the home aren't even noticed, I'd imagine. They're already vested in the legal action and it will continue at the same pace regardless of your having listed the home for sale.

You can stall the process by requesting a modification of the mortgage and going through that lengthy process, though that's not going to bring you much success in terms of bettering your position.

Since your most fervent desire seems to be to shore up your reserves before you need to vacate the home, it would seem to be in your favor to stall the process of the foreclosure action as much as possible.

If you have an attorney working on your behalf, you can surely get some additional advice about this.

dburg04 · Joined: 17 Feb 2011 Posts: 2 1.61 Dollars($)

gmakerley,
Thank you for the response. I think you are right, my efforts are not going to matter as far as putting the house on the market to stall the foreclosure. The stress and worry aren't worth it and BOA will do what they will do, regardless if the house is on the market or not.
I appreciate your response.

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Does putting my house on the market slow foreclosure?

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