We were discharged through chapter 7 in July. We have since moved and want to turn the house over to the mortgage company(we didn't reafirm). Can I just surrender the house and avoid haveing them go through the whole foreclosure process.
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About all you can do is offer the bank "deed in lieu" of foreclosure. However, the bank does not have to accept it. If they don't accept it, then simply stop making payments and the bank will foreclose. Unfortunately, the consumer does not have the power to avoid foreclosure, whether you do a "short sale" or "deed in lieu", the bank has to agree, and unfortunately, they usually don't.
Have you missed any payments? -
We moved into a rental house Sept. 1. So did not make Sept. or Oct. payments. We received a letter stating foreclosure process will start Nov. 7 if we do not make the payments up. How many days will the foreclosure be in the local newspaper? We live in Missouri.Comment
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The Lender must advertise the property for 30 days prior to the Sale date. If you live where there's a weekly paper, the Lender will run an ad weekly for 4 weeks prior to the auction.Originally posted by ezgo68 View PostFiled Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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Can I ask why you didn't surrender the home in the bankruptcy or are you not allowed to do that.Comment
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We didn't surrender the house because we thought we were going to stay there. Things changed and we decided to move closer to my job.Comment
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