Seriously!

[momtoroxy]

I can't believe how stupid Chase Home Finance is. Literally stupid. After 6 reps in different departments, 2 disconnections, and the same question over and over...I got NOWHERE!

We filed Ch. 7 in October of 09'. Discharged in January of 10'. Did not reaffirm the mortgage. We are moving out-of-state in one month. We have yet to receive anything official like an NOD. So, in an attempt to keep this property somewhat secure since we are leaving everything except the fridge (seriously, the 4K water softener, all other appliances, the beautiful closet we built...etc), I called Chase to ask what I should do upon leaving. Basically I got the run around. No direct answer except I could try a Deed in Lieu, but would have to enter into a short-sale first. A short-sale seems like a waste of time since we did not reaffirm. I wanted to know what to do...but got no answer.

I understand what leads people to pull everything out and sell it before they leave. Seriously. I am trying to be civil and protect the house after we leave! Apparently they don't give a crap. I guess I need to stop worrying.

Any advice? I won't be able to come back to check on the house, as we'll be out-of-state. I am shutting off power, water, gas, etc. Should I just lock the doors, take the keys, and go?

I am; however, worried about when they cancel the homeowners (which they will do after they find out we are not living here). I realize I am not responsible for the property, but I am still liable if someone falls on the driveway and breaks an arm, aren't I? How do I get liability only insurance? Or can I?

[Pandora]

if you included the house in the BK and were discharged... I believe you're free and clear and can walk away at this juncture - however I'm sure others who have been in your position will chime in

Have you asked your attorney?

[LadyInTheRed]

If your name is still on the deed, I believe you are still the legal owner and can be held responsible if somebody is injured on the property. I'm not certain, so check with your attorney. If you are stil liable, call your insurance agent and ask about switching to a liability policy.

[LoadedGuns]

If your name is still on the deed, I believe you are still the legal owner and can be held responsible if somebody is injured on the property. I'm not certain, so check with your attorney. If you are stil liable, call your insurance agent and ask about switching to a liability policy.

We have a winner folks. Give the lady a cigar.

[momtoroxy]

We are going to be renting, and in looking at renter's insurance, I see that there is an option "personal liability" that you can add to it. Does anyone know if that would cover liability if someone fell on my driveway at the bk'd house??

[Pandora]

my question, and back to my org. post reply - is why is the bank saying you have to do a deed in lieu or short sale when the house was incl. in BK and you did not reaffirm? Am I incorrect in saying that you can tell them to shove it at this point - you havent paid on the house since you were discharged, correct?

As far as keeping ins on it, yes, the others are correct, you have to keep that until the bank takes it over (which they should have already...so.. I question the legality of it all) - but as to you having to sell it.... ???? Isnt that why you filed BK and didnt reaffirm it? *puzzled look*

What does your attorney say as to why the bank is requiring you to DIL or SS the house? That doesnt make ANY sense to me.

[momtoroxy]

They aren't requiring me to do a DIL or short-sale. Basically they are telling me that if I want to speed up the process and "give back my keys" that is my only option. I don't have to do it, and we aren't going to. I was trying to find a civil way to turn in my keys since we aren't going to be living in the same state and won't be able to keep an eye on the property.

Since I have no financial responsibility to the property, I am just going to leave it and wait for the foreclosure...and get liability insurance.

[mrskal]

Chiming in here LOL I have not filed yet, but will be next week. Ch 7. I too am moving out of state, and am letting the house go. My lawyer said I can do the short sale when I am gone, the realtor looks over the house, lawyer takes care of his end. I still need to keep insurance and utilities on and it would be nice to keep up the lawn. Not totally sure of the benefit to me to do that though. Credit? I told him I will not do a short sale while I am here because I dont want to keep the house spotless, and I have 4 dogs, what will I do with them when it is shown. Anyone know why I would even want to do a short sale? I was thinking maybe he is pushing it becuase he will make money off of it and the realtor will. He does BK, and SS, in his practice. Thoughts?

[momtoroxy]

I guess the bottom line is that there is no reason to do a short sale unless you just want to get it out of your name/hands quicker. BUT, Chase told me they wanted financials etc. from me...HELLO...why!? I don't think there is any point of a short sale if you include the house in your ch. 7. Just my opinion. I told Chase to jump in a river. No way will I provide them anything, since I included the house in BK. Sounds like your lawyer wants more $

[jmanford]

short selling the house is gonna look better on your credit report and if you want to get another home loan someday. If your going to rent for the next 7 years then I guess it doesn't matter

[LadyInTheRed]

short selling the house is gonna look better on your credit report and if you want to get another home loan someday. If your going to rent for the next 7 years then I guess it doesn't matter

What the OP does now won't make any difference on her credit report. The loan was discharged in bankruptcy, so it should be reported as included in bankruptcy, not as a shortsale or foreclosure.

[yomann]

What the OP does now won't make any difference on her credit report. The loan was discharged in bankruptcy, so it should be reported as included in bankruptcy, not as a shortsale or foreclosure.

Bingo! IIB is what the credit report will show.
Shortsale or foreclosure after BK is meaningless.

[bulletproof77]

We are going to be renting, and in looking at renter's insurance, I see that there is an option "personal liability" that you can add to it. Does anyone know if that would cover liability if someone fell on my driveway at the bk'd house??

Nope..Only covers limited liability at the rented house. Until the "old" house is sold back to the lender and title transferred,,it's still all yours. And "vacant property" insurance is horrendously expensive. I took a chance and got lucky during the 18 months it took BofA to take my house back. I did drain the pool, double lock all doors and windows and chain all gates closed.

[momtoroxy]

I hadn't thought of chaining the gate closed. It would be easy to hop, if someone wanted to, but I might do it anyway. I am going to double lock, and lock all windows. I guess it's the best I can do.

The libility policy was interesting because it said it was "liability" anything from something at the house, to someone being injured because a golf club flew out of your hands at the golf course (hilarious...). So, I just wasn't sure if it would cover something if someone tried to personally sue me.

[jmanford]

Bingo! IIB is what the credit report will show.
Shortsale or foreclosure after BK is meaningless.

A credit report is not the only thing they reference when you apply for a home loan. When they do the public records search they will find that foreclosure. Ask others here