MORTGAGE COMPANY GRANTED RELIEF..What does this mean?

[tlk9]

I filed ch.7 no asset (old system) 2/14/06 discharged awaiting closing,I have a rental home which I thought trusttee would take so i quit paying mortgage on it ,mortgage co. did reaffirm with me on it,mortgage co. filed for motion to abandon and trustte tried to stop,it was granted to mortgage co. what does this mean,? anyone?
please I hope i didnt screw up by not paying mortgage and now will lose this home,it is presently rented and brings positive cash every month. it was appraised for 65k and I owe 38k I wonder why they allowed the relief, seems like there would be enough equity to justify selling. Thanks in advance

[no_it_all]

<snip>I hope i didnt screw up by not paying mortgage and now will lose this home<snip>

I think maybe you answered your own question... BTW, how did you manage to keep a rental propery and the attendent equity in a no-asset Chapter 7??

[robivi3]

Pay on it now. Quickly, all at once. Also, how did you keep it from the Trustee? It seem though like he was intending to take it.

[aa06a47]

Why did you quit paying the mortgage? If the trustee didn't keep the property, you should have said 3 hail marry's and wrote the monthly check.

[tlk9]

this is what is confusing...

I dont know why he has not taken it,it has been 75 days since my discharge and no word on anything,I have been told dont do anything until you see that it is closed,this is what is so confusing,How did I manage to keep a rental house in a ch. 7 no asset? you got me.. and did I really get to keep it? who knows? I sure dont my lawyer is a typical lawyer ,cant never get a hold of him andf all he gives is one word answers and says to dont do anything till it is closed,what a bunch of bs, I just wish the trusttee would either take any asssets or close the case,I am afraid to sell or any vehicles with which I have 3 just because I do not want to hurt my case but i want to get rid of the payments on at least 1,but should It out? I mean will this go on forever ,how do they expect you to move on with your life? geez

[tlk9]

and btw no it all I kept 3

I kept 3 rental propertys in my ch 7 no asset ,I reaffirmed on all of them,They werent the problem,unsecured debt and cc were the main reason I filed,there were no equity in the rentals or too little for trustee to take I guess,and my case is not closed so maybe he will go after them after all,but when? 3 year after discharge? it has been 75 days post discharge now and I have everything still ,other than my cc debt which I dont miss. am I just really lucky or am i going to get a big surprise. who nows,thanx for all the help from the forum.

[no_it_all]

<snip>it was appraised for 65k and I owe 38k <snip>

Yeah, I see where you have no equity in the property.......

[Minnymouth]

Okay,
You stated yours was a Chapter 7 no-asset...... and your discharged but not closed on your case.
You stated that your reaffirmed on the mortgages for the rental properties, but THEN quit making payments.... WHY???... By reaffirming and then not paying you have set yourself up for foreclosure thru the bank on the rental property..... and then you will STILL OWE THE BALANCE that it does not sell for (if you signed reaffirm papers with the mortgage company)....

Hope you haven't screwed yourself over by doing this!!!!!!

If you had no intention of keeping the property, you should have quit paying on it and surrendered it...... not reaffirmed on it.....

If your intention was to reaffirm and keep the property THEN YOU SHOULD HAVE KEPT ALL PAYMENTS CURRENT.....

I'm sure your attorney explained that if you are keeping it "keep on paying for it" - if your surrendering it "quit paying for it".......

Check you petition and see if your rental property was discharged in the bankrupty and your unaware of it.....

Keep us posted.

[SinkingFast]

If the Rental Property wasn't included in your BK, contact your Lender(s) ASAP. Even tho you have not made payments in a while, you still might be able to work out some sort of payment plan with the Lender(s) to bring the Loan(s) current.

Mortgage Lenders aren't in the business of Homeownership, or in your case, Rental Property Ownership. Lenders lend money. If you can get caught up, they'd much rather handle the situation that way than to Foreclose. It's cheaper and easier for them to work with you than to Foreclose and auction your properties.

[Minnymouth]

Yes, SinkingFAst is correct is what she says..... they DON'T WANT YOUR PROPERTY, THEY WANT MONEY.....