Abandonment and Foreclosure

[FranksMom]

A creditor was granted a motion to lift stay and establish a home that I own as "abandoned". While I had planned to surrender this property, is there anything in particular I should be aware of? I am assuming that a normal foreclosure still has to take place, as the property has simply been abandoned from the bankruptcy estate...

Anyone?

[justbroke]

This is all part of the process. The Bank (lender) can't just take your home. Contrary to popular belief, the Bank doesn't own your home. The person who owns a property, is the person or entity's name as recorded on the deed with the Recorder of Deeds!

in order for the Bank to get the property back, legally, they must sue you for the Deed. This is called a foreclosure (and in Florida they have a fancy name, lis pendens, to describe the lawsuit).

If you want to help speed it up, when you get your summons to appear and/or answer for the foreclosure action, enter an answer that you consent to the foreclosure. Otherwise, it will drag on based on the process for your particular State.

[FranksMom]

That's what I thought- thank you. I just wanted to ensure that "abandoning" estate property didn't automatically execute some type of instant foreclosure. Thank you.

[justbroke]

That's what I thought- thank you. I just wanted to ensure that "abandoning" estate property didn't automatically execute some type of instant foreclosure. Thank you.

Understood. I thought something similar too... or at least that I could just quit claim the one I surrendered. Apparently, it just doesn't work that way.

I guess Banks want to dot the i's and cross the t's.