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Discharged in '05 and foreclosure?

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    Discharged in '05 and foreclosure?

    Hey all...been a long time.

    We were discharged in 2005 and did not reaffirm the 2 mortgages on our house and have been paying both since. Our CR shows both mortgages and IIB with 0 balances.

    We have finally decided that it is not worth paying the 2 mortgages and found a farm to rent that will save us a nice amount of $$ and get us back where we want to be. We are looking at putting the house for sale, but after talking to the Realtor and see how much we would have to list for...it ain't gonna sale. There are 2 houses in our area listed the same and both have been on the market for >2 years. We are is a fairly depressed and rural area.

    We have the opportunity to move in a few weeks and can't afford to make the rent and 2 mortgages. What are the steps we need to take to let the house go? Just call the finance companies and go from there? We already paid taxes for this year...what are our liabilities once we move out and contact the lenders?

    Any help/advice would be much appreciated. Thanks.

    #2
    Looks like you're free to leave at any time...I would just hand in the keys to the house when you're done moving out and tell the bank you are abandoning it. There is some question about whether you should keep up with the insurance during the foreclosure process (technically, the house is still in your name). When I checked with my attorney he said once we handed over the keys to our house, the bank would secure and insure it, but it may differ in your area. You might check with an attorney to make sure...better safe than sorry. And good luck on the new place!
    Filed BK (Ch. 7) 6/2/08
    Discharged!! 9/24/08
    Closed..the end! 10/1/08

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      #3
      Thanks b_girl. That makes me feel a bit better. Not that this is how we had planned this to turn out, but life happens.

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        #4
        Protect theyself. Be friendly with this bank and find out. Keep up the insurance until you know you are free of it. YOU NEVER KNOW………. This being and ounce of prevention that won’t cost you much unless the place gets “raped for copper and anything”. Only my opinion. ‘Hub
        If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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          #5
          Sounds like sound advice.

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            #6
            I'd don't know about yours, but my bank is not friendly, so I'm not leaving it up to them. I have consulted my attorney about this matter and I'm going with his advice.
            Filed BK (Ch. 7) 6/2/08
            Discharged!! 9/24/08
            Closed..the end! 10/1/08

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              #7
              Originally posted by b_girl View Post
              I'd don't know about yours, but my bank is not friendly, so I'm not leaving it up to them. I have consulted my attorney about this matter and I'm going with his advice.
              I guess I will give them a chance and see how they act. We are paid for a year on insurance anyway...so that is not a huge issue.

              My wife is just not crazy about the fact that we a in a very rural area and we get to go through it all over again, 3 years later.

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