Not planning on making any more payments

[mintz]

I posted this in the foreclosure portion and did not really get a response. The lender sent me a second email today "when are you going to pay your mortgage on your rental property"? I have not answered her yet

We own a rental property and do not have a tenant in the home and have not for the past two months. We are 17 days past due and my lender sent me an email asking when we would be making the payment. I do not plan on making anymore payments and plan on filing for a chapter 7 sometime in June or July.


My question is, do I tell her anything? Do I HAVE to respond to her. We tried to get a second mortgage and fix up the properties 3 months ago to get a better client el in their and the lender said our property depreciated 50% due to the economy and would not loan us the monies. We have been paying for the mortgage out of savings and juggling bills.

What do I need to do? What are my legal responsibilities?

Thanks

[keepmine]

You have no obligation to return phone calls or respond to emails.

[mintz]

Thanks keepmine, if I ignore them...what is the process?

[keepmine]

Eventually, they'll begin foreclosure.

[mintz]

Does the foreclosure go into my chapter 7 down the road?

[brokenbuthealed]

As long as you list the lender in your petition. That way you won't be responsible if there is a balance owed after they sell the property.

[mintz]

Thanks for your reply

[TEW]

As long as you list the lender in your petition. That way you won't be responsible if there is a balance owed after they sell the property.

If it is a no asset chapter 7 in will be included all debt will be discharged.