Surrendering House/deed in lieu???

[csrhjr31]

My husband and I have filed Ch. 7th and are waiting for our 341 meeting on the 19th. We have put a security deposit down on a lease to own, and will hopefully be signing the contract of our lease to own the day after our 341 meeting.

My question is, after we are discharged, we wanted to surrender the home (deed in lieu) to the bank with the deed. Will this stop the foreclosure process? What will then happen to the house? Will the bank put it on the market advertising bank sale? Will the foreclosure still be posted in the newspaper?

I am asking because I am a teacher in the district which I live, and I don't want my students/parents/co-workers to know.


Thanks for anything you can offer.

[Cali]

Does your area publish this information in the paper?

And if someone really wanted to know about you, they can get the information since it is public.

[AngelinaCatHub]

Hi Cali, again.

Ms. '31, in my opinion and believe me I am learning and learning fast (thanks Cali), try to back out and get some of your money back on the lease to own if you wish to turn it in anyway. Don't muddle the fuddle. 'Hub

[csrhjr31]

I don't want to back out of the lease to own, I want to be done with the house we are discharging in the bankruptcy. I just want to get rid of it, hopefully by surrendering it. The only problem... we have 2nd mortgage with different lender. Does this matter after it has been discharged?

[sharksfan]

I think there is some confusion here. The lease to own house is different than the house you are looking to surrender, correct?

Having a 2nd mortgage doesn't change anything. You will not be responsible for either mortgage after discharge.