Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Non pmt foreclosure vs. home surrender in BK

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  • Non pmt foreclosure vs. home surrender in BK

    We're filing 13 and surrendering our home in the BK. I was wondering, does the lender foreclose quicker for non-pmt compared to a BK surrender situation? I've seen recent examples in both situations:

    Non-pmt foreclosure situation : recent example in az, where the time from first late payment to trustee sale date is 7 months.

    for BK surrender situation: I've heard of people being in their houses over a year before the lender begins formal foreclosure proceedings (non judicial state)

    Is there a big difference? I'm reading all sorts of opinions and stats. It seems BoA and other big lenders are quicker to foreclose lately.
    10/27/11 - Filed Ch13 ------ 2/27/12 - Conversion to Non-Consumer Ch7 ----6/11/12 - Discharged!

  • #2
    I don't know about Arizona, but it didn't matter whether or not you don't pay or surrender in Foreclosure. Generally speaking, filing bankruptcy will slow them down a month or two -- for the lifting of the automatic stay -- but it doesn't do anything more than that 2 month delay.

    However, foreclosures in Florida came to almost a standstill about 8 months ago. Some of the banks have just started back up.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      It was longer then 2 months in my case.
      We filed Dec. 2010 and the house had an auction date of April 2011 which was cancelled because of the automatic stay.
      It was August when the paper work was submitted for the stay to be lifted and the the new auction date.
      We now have a auction date of Nov 2011.
      We stopped making the payments in June or July of 2010.


      • #4
        I surrendered my home. Was told it is better because the asset is "surrendered for full satisfaction of the obligation"

        I must admit that I suffered from mental ping-pong when it came time to find a rental and start packing. Stay, go, stay, go???? It was helpful having extra time to find the right rental.

        Concluded it was better not to jeopardize my plan confirmation and make a fresh start.


        • #5
          I haven't been on in a while, but thought I check in to see how everyone is doing.

          We surrended our home in our 3 yr 13 and stop paying our mortgage the very month that we filed, July 2009.

          We knew we 1-couldn't sell it for what we owed--we lost over $130K in equity with the downturn in ecomony and 2-we had to move because of a job relocation.

          Our bk will be up in about 7 months...this July, 2012. OUr home has STILL NOT BEEN FORECLOSED ON!!! It sits vacant. We had a foreclosure date at one point, and it was postponed for about 4 months, the our loan was again transferred to another company and the process started again. Currently we are on our 3rd loan company since we filed bk, one more since we originally got our foreclosure date.

          How I wish that we could have stayed in the home to at least save up some money. We are seeing our rent continue to climb and it's so hard. We have tried multiple times for a short sale, deed in lieu, etc. The bank thinks our home is worth about $40k more than anyone in their right mind (even with cash offers) would buy it for, and they are not willing to budge on any offer. They keep charging us every month for this fee and that fee, and now we owe them over $30k in fees. It's ridiculous.

          So, you never know.
          Good luck to all. If you figure this out, I'd love to know!!


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