Foreclosure after Chapter 7 Discharge

[baguy]

In IL, the Foreclosure process is about 7 months from Foreclosure filing to auction. So, if you add in the 2-3 months of missed payments the mortgage company allows prior to filing a motion to foreclose, you potentially have up to 10 months to live in your home making no payments prior to the sherrif's sale.

However AFTER a chapter 7 discharge and closed case (NOT re-affirming), what happens if you stop making payment then? Will the mortgage company generally start the foreclosure process as soon as you miss your first payment instead of waiting until the 3rd missed payment? Or will they generally follow the same timeline as if the mortgage debt was not included in BK?

[HHM]

There is no "general" rule to answer your question. However, based on the experience of some of the members here, the lender, on a non-reaffirmed mortgage, will tend to start foreclosure after the first (or second) missed payment.

But no one can really say for certain.

[inseriousdebt]

Same situation--Here is our story...

Our case was discharged on March 11..closed April 15. We did not reaffirm our two mortgages...and we stopped payments in November of 2007. We have gotten a few phone calls from our mort. co., US Bank,...offering us a died in lieu...that is it. They haven't even started anything as of yet--just now reporting us...90 days late. We are saving money and getting a fresh start from all of this. It's hard, but we are trying to be smart this time around!

Just a question....in our situation, are the credit bureaus suppose to report our mortgages as IIB? They were included in the bank. when we filed and so forth. I am so confused about that....as well as the difference between died in lieu and just letting it run its course...which we are doing.

[2muchstress]

2 homes... after foreclosure, i found out that it was all investors who bought them cheap... and homes are on a market again.
crazy-------- crazy.
but im glad they are sold anyways. what a waste of money it was for me... i am NEVER gonna buy a house...

[jenopher]

I plan on doing this as well. I need the mortgage to qualify for Chapter 7 otherwise I'd just let it go at the same time. I can't wait to have it all done and just start over already.

[2confused]

What is a deed in lieu?