Discharged still no foreclosure

[niko]

I have completed Chapter 13 successfully on April/2014. I surrendered my property. Renter has been living in the house rent free. Bank of America proceed for foreclosure and judge granted the request in August 2014. Instead of Sheriff Sale, they sold it another agency called Rushmore Loan. Now Rushmore is asking me to short sale the house. They say they will pay everything even 500$ for my cooperation. Even though i surrendered the property and discharged, would short sale put me any type of responsibility or debt? Please advise.

[dmc-2008]

Isn't that like re confirming the loan?? I have no idea but I would talk to your lawyer.

[May2014]

A lot of people say to not bother with a short sale, because why do the bank any favors? My thinking is that if you can short sale instead of waiting until whenever, you can get the house out of your name and be done with any liability. We are attempting to do a short sale on the rental we surrendered, but even though we petitioned the court to allow it, nothing's happened. We even had a buyer lined up! I'm with dmc on this one...ask your attorney.

[frogger]

They say they will pay everything even 500$ for my cooperation. .

I agree with talk to your attorney. And remember, if you make the decision to cooperate, I would take this as their first offer and start negotiating. If they will pay $500, then perhaps they will pay $1000? Perhaps more? How much is it worth to them?

If you don't ask, you don't get.

[niko]

Thanks for the responses. Main reason i want to do the short sale because i want to buy a house again but with this house still under my name, lenders do not let me get new loan. I need to clear this up as soon as possible, but not sure if this would create more headache for me later down the road.

[ChescoChris]

BofA took 56 months total to foreclose: 48 months after I surrendered and notified them that the home was abandoned by my ex. The actual foreclosure happened 18 months after they petitioned the court for the right to take title. Watching how they have contacted me over the years, I can honestly tell you they do not know what they are doing. They were never even able to figure out which legal team was representing the case. Don't believe a word they or their assignees tell you would be my advice.

[LadyInTheRed]

Isn't that like re confirming the loan?? I have no idea but I would talk to your lawyer.

I think you mean reaffirming. No, you cannot reaffirm a loan without signing a reaffirmation agreement and filing it with the court during the BK case. It must also be certified by the debtors attorney as not being a hardship or approved by the judge.

Thanks for the responses. Main reason i want to do the short sale because i want to buy a house again but with this house still under my name, lenders do not let me get new loan. I need to clear this up as soon as possible, but not sure if this would create more headache for me later down the road.

If the mortgage was discharged in your BK, agreeing to a short sale should not cause any future problems and will accomplish your goal of getting title out of your name. I agree with Frogger: Ask for $1,000.