Posted on: 18th Jan, 2009 10:44 am
My husband and I filed for bankruptcy in September 08 after I lost my job. We did this to eliminate our unsecured debt and free up the cash to continue to make our house payments. Our attorney petitioned Citi Mortgage to reaffirm our mortgage. Our bk was discharged in December and I pulled our credit report to see that the mortgage account has been closed with a zero balance and was included in our discharge. Citi has told us that we can reaffirm IF the judge reopens the case and we were told by our attorney that he will not. We can continue to live here and make payments but they will not be reported. If we are essentially "renting" our home now, we can rent something much nicer for far less (we bought at the height of the bubble in 2007 and our house is not worth almost $50K less than our mortage is for). My question is this...if we walk away can the mortgage company report a foreclosure on a loan that was already discharged? Should we do a DIL - do we even have to do that since the mortgage was discharged. We were told by our attorney that we should act quickly if we are going to give up the house so it is seen as one hit. Any help would be greatly appreciated. Thanks.
received chapter 7 discharge in BK..lived in house for almost 1 year and paid mortgage..can't pay now ...if I walk away am I responsible for the HOA fees and the taxes....and for ahow long?
Hi Guest!
Welcome to forums!
Unless your property is sold off by the lender at a foreclosure auction, you would be liable for the HOA fees and other maintenance costs. Once the property is sold off and transferred to someone else, then you won't remain liable for the HOA dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless your property is sold off by the lender at a foreclosure auction, you would be liable for the HOA fees and other maintenance costs. Once the property is sold off and transferred to someone else, then you won't remain liable for the HOA dues.
Feel free to ask if you've further queries.
Sussane
we filed bk 7 last dec 2009 and was discharged april 2010. but, untill now the house it is still in our name. my questions are 1) when will they remove our name as owner of the house, 2) why they continue to collect hoa fee on us, considering that we left the house one year ago for fear of being evected, 3) do you think, it is worth to short sale the property now that it is discharged already. help.....
Hi jas!
Welcome to forums!
Once the lender forecloses the property and sells it off to someone else, your name will be removed from the property deed. As your name is still mentioned on the property deed, the Homeowners Association will contact you for the fees. You can contact the lender and apply for a short sale. If the property is sold off, the lender won't be able to come after you for the balance amount resulting from the property sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Once the lender forecloses the property and sells it off to someone else, your name will be removed from the property deed. As your name is still mentioned on the property deed, the Homeowners Association will contact you for the fees. You can contact the lender and apply for a short sale. If the property is sold off, the lender won't be able to come after you for the balance amount resulting from the property sale.
Feel free to ask if you've further queries.
Sussane
Me and my Husband had filed a chapter 13 and payed $2,000.00 per month for 3 years we then decided to divorce so we converted chapter 13 to a chapter 7 we did that about 9 months ago. Im not leaving at the house he is , have not made a mortage payment for 7 months. While in chapter 13 we had are house on the market for a year. meanwhile my exhusband diceded to start a short sale were i finally go involved with the realestate attonrey who questioned why i was doing a short sale when we filed chapter 7 and has been dicharged . My question is are we liable for any thing or should he just get out of the house and let the mortage company worry about it .
Hi amanda,
It is true that your mortgage has been discharged and you're personally not liable for the mortgage. However, there is a lien on the property and the lender has the rights to recover it. You can simply surrender the property and the lender will foreclose it to recover his dues.
It is true that your mortgage has been discharged and you're personally not liable for the mortgage. However, there is a lien on the property and the lender has the rights to recover it. You can simply surrender the property and the lender will foreclose it to recover his dues.
i am 2 months behind on my home equity afterbeing discharged on a chapter 7 first mortgage with the same bank is up to date will the mortgage co foreclose for 2 months in arrears.
Hi Guest!
Welcome to forums!
Mortgage lenders normally start off with the foreclosure process when you're 3 months or more delinquent on your loan payments. As you're 2 months delinquent on your loan payments, the lender may not start foreclosure process immediately.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Mortgage lenders normally start off with the foreclosure process when you're 3 months or more delinquent on your loan payments. As you're 2 months delinquent on your loan payments, the lender may not start foreclosure process immediately.
Feel free to ask if you've further queries.
Sussane
Our BR was discharged in Jan 2009. We have continued to make house payments, but it is draining us. Our papers say the house was disharged, but they can still foreclose if we stop making payments. If we do this will our credit get worse or is it as bid as it gets?
Welcome Elizabeth,
Though the mortgage was discharged in your bankruptcy filing, the lender still holds the lien on the property. If you stop the loan payments, he can foreclose it. As far as I know, the foreclosure after bankruptcy may have a negative affect on your credit report.
Though the mortgage was discharged in your bankruptcy filing, the lender still holds the lien on the property. If you stop the loan payments, he can foreclose it. As far as I know, the foreclosure after bankruptcy may have a negative affect on your credit report.
I have been discharged from Chapter 7 for six months (Louisiana). The home that my ex-wife and I shared is going up for sheriff sale this month(November 2010). My ex-wife has not filed for bankruptcy on this property. My question is, am I responsible for the balance of the mortage after the sheriff sale?
Hi kenneth!
Welcome to forums!
If you had included the mortgage in your bankruptcy filing and got it discharged, then you won't be liable for paying the deficient balance resulting from the property sale. Due to the bankruptcy discharge, you're not personally liable for paying the dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you had included the mortgage in your bankruptcy filing and got it discharged, then you won't be liable for paying the deficient balance resulting from the property sale. Due to the bankruptcy discharge, you're not personally liable for paying the dues.
Feel free to ask if you've further queries.
Sussane
How did you notify your renters and did you allow them to stay until some one made them leave
Hi Guest,
You can send a notice to the renters and inform them about your situation and ask them to leave the property.
Thanks
You can send a notice to the renters and inform them about your situation and ask them to leave the property.
Thanks
After we were discharge from bk chapter 7 on may 2009 my lender put me in modification, but after a few months they said that i didn't got approve in modification so we decide to walk away ... after a few months they sold on the auction that property and my question is it the lender coming after myself regarding the difference value of the property, they sold it in auction for $155.000 and $300.000 the value of this property when i buy it, please help iam from california. Thanks