Situation: Advice is much appreciated

[buffs94]

What is the name of your state? Colorado

Hi. My case was discharged last December. I originally indicated that I wanted to keep my home. My home's value has since dropped. I haven't been keeping my payments up because I want to give it back to the lender. My question is, because of my BK, will I owe any legal fees or other moneys to the lender when they foreclose? I have not reafirmed the debt, nor have I signed anything stating that I want to keep the home. Also, how long does the foreclosure process usually take?

 

[HomeGuru]

What is the name of your state? Colorado

Hi. My case was discharged last December. I originally indicated that I wanted to keep my home. My home's value has since dropped. I haven't been keeping my payments up because I want to give it back to the lender. My question is, because of my BK, will I owe any legal fees or other moneys to the lender when they foreclose?

**A: yes, so you need to include those fees in BK.
********
I have not reafirmed the debt, nor have I signed anything stating that I want to keep the home. Also, how long does the foreclosure process usually take?

**A: 1-3 months.

 

[amortgageman]

??? You reaffirmed on the house in your bankruptcy, the bankruptcy has been discharged, and now you have decided you do not want to keep the house after all?????

Best bet would be to see if your BK attorney can reopen the BK to include the house, and the subsequent foreclosure.

Otherwise, ...............seven more years before you can file again.

 

[buffs94]

THank you, mortgageman. Actually to clarify, I did not reafirm the house. I hope that makes a difference.

 

[amortgageman]

As far as your debt obligation into the home, if it was included in the bankruptcy, you will not be liable for the debt. The debt was discharged in the bankruptcy.

As far as buying a home later, different lenders will look at the situation in various ways. Some will not care if their was a deficency and some would want the deficiency settled.

If it was a governement loan, your defiency will be placed in the CAIVRS system and you will not be able to get a government sponsored loan until it is resolved.