Colorado, foreclosure after bankruptcy

[bankrupt2005]

We filed for bankruptcy (ch 7) and it was discharged in July, 2005. We did not reaffirm our mortgage. We missed our first payment Oct. 2008. The mortgage company says they are not willing to work with us, so we are letting the house go. I have lots of questions.

1. Do they still have to go through the foreclosure process (or can they just boot us?)

2. Will foreclosure show on our credt?

3. We haven't received a NOD, any idea of when we could get it and how long do we have after we do get one?

4. Can we just give the house back before the sale? (and after NOD?) What do we do about utilities, water, insurance, etc.

5. Will we owe anything? How about to insurance if we haven't made payments in so long?

6. Is there anything else I should know?

Thank you.

[Trixie007]

1. Do they still have to go through the foreclosure process (or can they just boot us?)

Yes, they have to go through the process.

2. Will foreclosure show on our credt?

It shouldn't it it was IIB.

3. We haven't received a NOD, any idea of when we could get it and how long do we have after we do get one?

We didn't get an NOD until 5 months (or was it 6?) after last payment, others have gone longer. A friend of mine got her NOD about 8 months after last payment.

4. Can we just give the house back before the sale? (and after NOD?) What do we do about utilities, water, insurance, etc.

You can give it back, but most people seem to think you should stay as long as possible to save up money - as long as it will not be too stressful for you! Since you just filed BK 3 years ago, IMHO, you need an emergency fund! Pay all those bills while you are in the house, then turn them off and let your lender know!

5. Will we owe anything? How about to insurance if we haven't made payments in so long?

I believe the lender will be picking up the insurance (if they haven't already).
Since this is your primary residence, I don't think you have to pay taxes on the deficiency by IRS guidelines... but I would check into that.

[OhioFiler]

The foreclosure is a separate legal proceeding and a public court record. I think the foreclosure will appear on your credit report.

[Trixie007]

The foreclosure is a separate legal proceeding and a public court record. I think the foreclosure will appear on your credit report.

Your opinion is contrary to what people in this forum have posted about their experience on this issue... if it is IIB they can't report future delinquency on your credit report.

[HHM]

1. Yes
2. Possible (but disputable)
3. Usually 90 days after first missed payment, sometimes up to 6 months.
4. You can "leave" the house, but the bank still has to foreclose unless therir willing to accept a deed in lieu (not likely).
5. No (assuming you file BK of course).
6. Yes (but not related to this )

[bankrupt2005]

Just wanted to thank everyone for your answers. Losing the house isn't fun, but I feel better now. And I'll work on #6, haha.

[OhioFiler]

Your opinion is contrary to what people in this forum have posted about their experience on this issue... if it is IIB they can't report future delinquency on your credit report.

Very well.

I believe the public records portion of the credit report will reflect the foreclosure but the mortgage holder will not list any adverse action.

Maybe I'm incorrect. I just don't see how a subsequent legal action which is a public record outside the bankruptcy action would not appear.

[StartingOver08]

If the foreclosure shows on your credit report after the bankruptcy has discharged your debt, then it can be disputed BECAUSE your personal liablilty has already been discharged. The OP should make sure the bank does not report it as the debt was never reaffirmed.

[OhioFiler]

If the foreclosure shows on your credit report after the bankruptcy has discharged your debt, then it can be disputed BECAUSE your personal liablilty has already been discharged. The OP should make sure the bank does not report it as the debt was never reaffirmed.

I am wondering how public records make their way onto a credit report. I assume it's not the mortgage holder who has it listed but rather the credit agencies are updated periodically from the clerks of courts. Hopefully, my assumption is incorrect!

[StartingOver08]

I am wondering how public records make their way onto a credit report. I assume it's not the mortgage holder who has it listed but rather the credit agencies are updated periodically from the clerks of courts. Hopefully, my assumption is incorrect!

Usually it is reported by lexis nexis (another CRA). This is the easy way to check for public records: http://www.lexisnexis.com/

The more "consumer friendly" site (if you want to call it that) is Choicepoint:

http://www.choicepoint.com/

Notice they are the same company now

[JoeBankrupt33]

I just wanted to chime in about a few things you asked. I foreclosed on my house in Colorado last year. I made one payment in January. The house sold at auction on October 15. I moved out of the house in April. I wish I had stayed and saved money but there were other marriage problems and I had to get away. At my apartments, I told them all the details and they didn't seem to care. I did have to pay first, last, and deposit. Assuming they are still as lenient, Carmel Partners have a ton of apartments and they are maintained very well.

Anyhow, for the electricity, I just called xcel and told them I wasn't there anymore, and I had no problems. The electricity stayed on for some reason. I didn't pay my water bill from April to October, but after the foreclosure, I called Denver water and they said they just send the bill to the mortgage lender.

[bankrupt2005]

Even it it ended up on my credit report, there is no way I'm catchin up on payments, and we plan on staying as long as possible- basically until they boot us. We're just going to stay with a relative until we get a new place, dh has a new job and I'm lookin... I just wanted to be sure they didn't throw my stuff on the lawn or give me like 24hrs notice. Thanks again, you guys are awesome.

[Proxy]

I am a newbie, joined today and i am contemplating bankruptcy Ch 7 after reading up about it but I am not sure about the process and such and learn as i go along so you will see lots of posts from me:-)on different threads.

I have stopped payment as of Feb 1st to Wells fargo. Property taxes are due this April (CA prop tax , am CA resident)

1)Since the process can take anywhere fr 6 mths to even longer for foreclosure, I presume I must pay the prop tax this April ?

2) Since cash is king and i am trying to conserve, should i continue to pay foutilities, water, sewer gabbage, electricity, gas etc as long as i am in the house?

3) Assuming I get an attorney(researching now as i write this) when should i file Ch 7,before I get the NOD /notice of default or after?

Any other relevant info would be helpful.

[Proxy]

Should I be putting all my questions in a new thread?? (I am new to this forum) since my questions are not really what the topic of this thread is all about:-(