OK- I've been discharged about a month ago and surrendered the house. I've been in foreclosure process for 4 months. I've been told by the bank that because the a piped had burst (about 8 months ago - I moved out of state and realtor never notified me) they (the bank) was not going to foreclose. Question 1- does this make the house mines mortgage free (since the mortgage was discharged in BK). Question 2- The bank did start the mortgage process, will this prevent me from getting another mortgage (since it is still in the court system? Question 3 - why can't you get an FHA loan in 3 or 4 years if the mortgage was discharged in bankruptcy but the bank hasn't foreclosed?
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I can answer question 1. No. The house is still yours, but the lien remains on the property. You don't have personal responsibility to pay the mortgage, but clear title cannot pass to a buyer until the bank removes the lien. Have you asked the bank if they will agree to a short sale?LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent! -
I had two mortgages before filing bankruptcy. The first bank agreed to a short sale. The second one did not. The second was charged off and discharged during the BK. I guess I can try to find a buyer on my own - since the first one agreed to a short sale before, I guess they will again (although it would be much lower due to the water damage). Its better thsn letting the property sit vacant.Comment
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