Property Still Not Foreclosed

[OnaComeBack]

I filed personal and business and have since had personal discharged. I owned an investment property and the tennats have been living rent free. The investment property still is in my name and has NOT been forclosed. Since I no longer am indebted to the mortgage company and I still technically own the property, does anyone have a way I could negotiate back into the mortgage and start collecting rents again????
Thanks for any insight.

OnaComeBack

[hereforinfo]

You mean try to have the bank modify the mortgage? On an investment property? That you haven't been making payments on? That you included in a bankruptcy? I seriously doubt it.

Besides, you don't really own the property. The bank still has a lien on it whether you are indebted to them or not.

[AngelinaCatHub]

This is a long shot. Until foreclosed and out of your name, you own it. Go to small claims Court. It is not that expensive and after all, you maintained the place till now. ‘Hub

[debtmonster]

Do the tenants know that you went bankrupt on the property? They will have a very rude awakening when the sheriff comes to throw them out otherwise. I saw that in a place where the home owner went BK on a property that a husband and wife lived in with 5 children. They had $50 to their name at the time the sheriff came. They were made homeless. It was awful. You need to have THOUSANDS in the bank to be able to move prior to the sheriff coming, otherwise, how will you rent another place?

[dealingsdone]

I filed personal and business and have since had personal discharged. I owned an investment property and the tennats have been living rent free. The investment property still is in my name and has NOT been forclosed. Since I no longer am indebted to the mortgage company and I still technically own the property, does anyone have a way I could negotiate back into the mortgage and start collecting rents again????
Thanks for any insight.

OnaComeBack

Sounds like my situation, except I am the tenent living rent free. I assure you that if my landlord attempted to collect rent from me, while I knew his property was in some form of foreclosure, he would a better chance climbing mt everest naked without an oxygen tank.

I wouldn't waste your time or what little money you have trying to collect rent in this situation.

[OnaComeBack]

Let Me Clarify

You mean try to have the bank modify the mortgage? On an investment property? That you haven't been making payments on? That you included in a bankruptcy? I seriously doubt it.

Besides, you don't really own the property. The bank still has a lien on it whether you are indebted to them or not.

" I have been discharged of the debt I know that the bank still has a lien. My question is if the deed is still in my name and the bank has not even begun the foreclosure process, do you think they might want to reinstate or modify the loan and let me continue to make payment moving forward. Or would they rather foreclose on an upside down loan based on current market value?"

Thanks
OnaComeBack

[hereforinfo]

I don't think a bank will modify the loan on an investment property. Who is your lender? How many months are you behind on the payments? Is there only one mortgage or two? Your only hope would be if you can convince them to let you catch up the payments and reinstate the loan.

The problem is that even though something may not be in the bank's best interest financially, there is just too much red tape involved for them to go outside normal procedures (i.e., foreclosure) and work with you because they often don't have the processes in place for handling/approving anything different.