Trustee abandoning property after ch. 7 bk

[rob83]

My Wife and I filled chapter 7 bk in 2009. It will be discharged two full years on July 20, 2009. We included our mortgages in the filling. My question is if the court trustee abandon the property because there isn't equity in it. How would I go about finding out? Also could I then purchase the property from the trustee, since they abandoned it back to us? Where still on the title... We moved back in for the free rent. Thank you in advance for your response

[mysticspirit25]

If I am understanding this correctly, you had mortgages against the property you are now living in "rent free". Just because the TT abandoned the asset, does not mean you own it, the bank still has a lien against it (unless you paid or settled the liens in full), in which case the lender still has the right to foreclose, just because they have not, doesn't mean they wont. You need to find out if you are in a judicial or non-judicial foreclosure state, then check with the circuit court (or equivalent) in your county to see if foreclosure proceedings have been started. Most banks from what I hear don't care if the debt was discharged and you live "rent free" until they foreclose, that way the property is at least taken care of instead of letting it rot and be less valuable when it does sell at foreclosure.

[rob83]

I understand that we don't own it out right. It's just confusing because the bank won't do anything to the property. I didn't know if "we" personally could contact the trustee who did our 341 meeting. We have not received any foreclosure notices.. We get a mortgage payment form about every eight months

[AJA]

I'm sitting on a lot that I surrenderd at the 341 but my wife has half interest in. The value is about 27k and the trustee listed it with my wife's permission. Trouble is it was on the market for 3 years prior to my filing with out a bite. Coming up on a year and I'm looking for an abandonment. Case open for over 400 days due to this. No mortgage, we owned it outright.

[tcreegan]

Hi rob83,
.

My question is if the court trustee abandon the property because there isn't equity in it. How would I go about finding out?

There will be a report filed on PACER

Also could I then purchase the property from the trustee, since they abandoned it back to us? Where still on the title...

By abandoning the property, the trustee is saying there is not enough $$ here to make it worthwhile to sell. And trustees are not banks, they aren't going to be holding 20 year notes Soooo....not going to be buying from trustee, most likely

Now we are down to you and the mortgage lender. Get the best deal you can and run all paperwork you sign past your attorney

Good luck w/ all this!!

Tom in Colo