I need help, BK and mortgage

[mp06]

In november 2006 i filed for ch7 bankruptcy. Both mergages were included.In february 2007 i received my discharge.during the month of april 2007 i stoped making payments on the house. The mortgage was reported to the 3 credit bureaus as included in BK. Then on this month of september they began reporting the second mortgage as a delinquent account and 165 days late.A reafirmation agreement was never signed.I still living in the house . They are going to start the forclosure process.

can they report as delinquen account ?

How long does that usually take?

How much longer will i be able to stay here?

[lrprn]

Hi mp06 - welcome to BK Forum - glad you found us!

In november 2006 i filed for ch7 bankruptcy. Both mergages were included.In february 2007 i received my discharge.during the month of april 2007 i stoped making payments on the house.

So you paid the mortgage through your bankruptcy and only stopped making the payments after your case was discharged and closed, right?

A reafirmation agreement was never signed. can they report as delinquen account ?

Since you didn't sign a reaffirmation agreement, then you don't owe whatever might be left to pay after the house is auctioned. I believe that the mortgage lenders have to leave the accounts as IIB or Included in bankruptcy. A more experienced credit rebuilder here will let me know if this isn't the case.

They are going to start the forclosure process. How long does that usually take? How much longer will i be able to stay here?

The answers to your questions depend on the state you live in. Which state is that?

Hang in there - we'll help you sort things out if we can.

[mp06]

Thank you...
My discharge was on february 2007, and i stop the payments in april 2007
I live in miami,florida
please excuse my english, is not very good.

[lrprn]

My discharge was on february 2007, and i stop the payments in april 2007 I live in miami,florida please excuse my english, is not very good.

Your English is just fine, mp06. No apologies are necessary.

In Florida, foreclosure has to be done through the courts. The whole process usually takes about five months.

How long you can actually stay in the house will depend on when your home is scheduled to be auctioned off. As soon as the house has a new owner, then you will have to be out of the house.

[JRScott]

You should dispute the credit reports and let the credit reporting agencies know that that was IIB and give them your case number, district filed, chapter, and discharge date.

As long as no reaffirmation was signed you aren't responsible anymore.

[Boscoe]

lrprn - you say above that foreclosures generally take about 5 months in Florida. Are you reading that somewhere or do you have some personal experience? I have a couple of properties I am letting go from my bk, and they both received relief from the auto stay in early August.

With the tremendous number of foreclosures in Florida, I find it hard to believe that things are not being pushed out quite a bit, i.e now 6-9 months or maybe even longer. Do you or anyone have any current data on FL foreclosure time periods? I just want these off of my asset list and out of my ownership so I won't see any more tax bills, etc. - regardless of whether I have to pay!

[HHM]

The 5 months for the FL foreclosue is about how long it takes for a creditor to comply with all the various procedures, waiting periods, etc that are part of the foreclosure process. Although it's possible that court scheduling issues could delay the process even longer, that tends not to happen since most foreclosure proceedings go uncontested, therefore they are decided "in chambers" in a routine manner.

In any event, if the person is residing in the home that is being foreclosed, they will receive all the information related to the foreclosure, and eventually an auction date will be set. Once that debtor receives the notice of auction, then he will know exactly how long he has.

[lrprn]

lrprn - you say above that foreclosures generally take about 5 months in Florida. Are you reading that somewhere or do you have some personal experience?

No personal experience - using online resources:

http://www.realtytrac.com/foreclosure_laws.asp?strState=Florida

http://www.foreclosureuniversity.com/studycenter/foreclosurelaws/florida.php

http://www.mortgage-investments.com/...osure-laws.htm (scroll down to list of states)