help with foreclosure questions

[dmudduck442]

We filed for chapter 7 bk in florida on 4/19/07 and the bk was discharged on 7/24/07. When we filed we had planned to stay in our home which is a manufactured home which is mortaged. Now, we would like to move back to Iowa. What I am wondering is would this be a double hit on my credit report if I let this home go into foreclosure since I doubt very much if I could get enough to pay the mortgage off should I try to sell the home? On my credit report the mortgage is listed as IIB with a $0 balance. Does anyone know what the timeline is for a foreclosure in Florida? Any help would be greatly appreciated.

[SinkingFast]

Florida is a Judicial Foreclosure State. The Foreclosure will have to proceed thru the Courts. There are no "Right to Sale" clauses in mortgages to allow Lenders to declare Default and proceed.

A rough time line for you is approx 180 days.

http://www.foreclosurelaw.org/Florid...losure_Law.htm

Most likely your Credit will take a double hit due to the time lapse between filing BK and surrendering your home.

One question tho,............ Did you file a signed Reaffirmation Agreement with the Lender with the Court prior to Discharge of your BK?

If so, Florida Law allows for the Lender to hold you responsible for any deficiency balance. Your obligation to the mortgage was not Discharged in BK if you filed a signed Reaffirmation Agreement.

[dmudduck442]

No, we never signed a reaffirmation with the home.

[dmudduck442]

Are there any other options available besides a foreclosure. I sure don't want a foreclosure and a bk on my credit report. Thanks

[SinkingFast]

Since you didn't sign a Reaffirmation, and you're BK was not long ago, you can probably arrange with the Lender to Surrender your home.

But there might still be a Foreclosure. That's the only legal way to get the Deed/Title out of your name and into the Lender's name unless,.......... You might possibly be able to negotiate a Deed In Lieu of Foreclosure.