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Bank has not foreclosed on investment properties in Rochester, NY

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  • Bank has not foreclosed on investment properties in Rochester, NY

    Chapter 7 bankruptcy was discharged in May, 2011.
    Three rental properties were included in the bankruptcy. BofA has made no effort to complete the foreclosure process.

    I am getting fines and penalties from the city and county for deteriorating conditions on the vacant houses. Repairs and upkeep would cost many thousands at this point. But fines are now over $3,000.00 with no end in sight.

    Is there any way to force the foreclosure?

  • #2
    No, you can't force them to foreclose.

    Have you tried to get them to agree to a deed in lieu or a shortsale?

    If you made the repairs and rented out the properties, how quickly could the rent pay for the repairs?
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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    • #3
      Another thought: Do you know whether you are peronally liabily for the fines? It may be that they become a lien on the home.

      I just came across a case where a bankruptcy judge in Tennessee forced a sale of a property that Bank of America would not foreclose on after the debt was discharged. The debtor was incurring HOA fees after abandoning a flood-damaged home in a Chap 7. The judge used the bankruptcy court's equitable powers to temporarily set aside the discharge and order the trustee to sell the home and distribute funds to the HOA before paying the balance of the proceeds to the bank. He justified his ruling by saying the debtor was denied her right to a fresh start because of the continuing liability of the HOA fees for a home that the bank had taken possession of by changing the locks. Keep in mind that the ruling does not set a precedent that other judges have to follow. Bank of America did not appeal the ruling, so no higher court has reviewed the decision. This judge was obviously very sympathetic to a flood victim whose home was uninhabitable and found a creative way to help the debtor. If your judge is pro-debtor and there isn't already contrary presidence in your state, you might want to call around to see if you can find an attorney interested in trying to get the judge to make a similar ruling. You can read the decision at http://creditorsrights101.files.word...ptcy-court.pdf

      I can't stress enough that this is a long shot that could cost more than repairing the property and paying the penalties. But, maybe you'll get lucky and find an attorney who would like to take on the bank.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


      • #4
        Sorry to hear about this. Unfortunately, I'm in the same boat..only my condo was included in my Chp 7 that was discharged in Oct of 2009 and they still have not foreclosed!! As a matter of fact, I tried a deed in lieu after they called me 5 or 6 times a day to get me to do it...only to have it turned down. I had BOA but they have since sold my loan to Nationstar. I also recieve letters from the HOA saying I owe them over $14,000. This crap has prevented me from purchasing a new home and I'm really at my wits end!! Find comfort in knowing that you're not alone! Good luck!

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