Letter of Proposed Abandonment On Primary Residence

[marie1260]

Just received Letter of Proposed Abandonment on my home. It came from the Bankruptcy Court. This was not part of the deal. My lawyer said at the start that because there is no equity, that we would not lose the home as long as we continue to make payments.

Does anyone know if this letter is simply a matter of procedure notifying my mortgage company that we have filed a chapter 7?

I'm really scared, and as usual, my lawyer is swamped and his secretary is out for a few days. H E L P !!!!!!!!!!!

Our 341 hearing was on May 12. All went well at that time.

Marie

[AngelinaCat]

Dearest Marie:

Please don't panic. This very good news for you. That letter is a procedure that the trustee is formally notifying the court that he is abandoning any and all interest in your home, because you have no equity. It will go to the BK court and be signed off by the judge, and then it will be in your file.

Your lawyer is correct that you won't lose your home if you keep making the payments.

My best~~~

[marie1260]

Dear AngelinaCat
Thank you, thank you, thank you for your reply. It's really great to get some good news once in awhile. The lawyer must have realized how concerned I was because, he did, in fact call me back today. He left a message on my cell phone confirming exactly what you said. Usually I benefit more from this site than I do from my lawyer.
I am so glad to be a part of the BK Forum. I have leaned so much from so many really nice people (this means you). I hope that I can be of help to someone someday.
Thanks again for the information.
Marie

[AngelinaCat]

Hi Marie:

The best way you can 'repay' us is to keep the forum apprised of your steps in your BK--no identifying names, please.

As you work through your situation--which is unique to you--you will shed light on similar situations for your fellow posters present, or those that will come.

Then once you get the Discharge Order, and we are able to play your celebratory Victory Hamster Dance for you, stay with us on the forum and post to help the newbies coming on.

Thanks again, AC

[marie1260]

Dear AngelinaCat,
I would be honored. Bankruptcy is a frightening endeavor and it is such a comfort knowing that others made it though unscathed.
I will be happy to share my personal experiences.
Thanks again,
Marie