Including the house in b/k??

[pattygg5]

The attorney we just retained to file says we should surrender house and put in b/k. Does that mean the house does not foreclose and go through all of the process? If it was in foreclosure, does that stop it? Confused on the subject..

Thanks,
Pattygg

[StartingOver08]

Surrendering the house in BK means you are not responsible for any sort of deficiency - you are relieved of the debt as of the date of discharge. However, the house continues in the foreclosure process.

You will get a small break from the process during the automatic stay period, then either the stay is lifted by the lender and they proceed or you are discharged and the lender proceeds the foreclosure. The foreclosure process is to foreclose out jr liens on the property so the lender can deliver clear title when they sell the house.