when will they take my condo and car??

[denisejohn65]

I filed chapt 7 on Friday June 12, 2009. I'm not going to reaffirm on the car or the condo. When will they take the condo back? How long will this take? I'm not living there right now. Do they go through forclosure? PLEASE ANSWER....I'm about ready to go CRAZY with all of this! Thank you

[justbroke]

The lender/creditor has to follow the foreclosure process, after asking for permission from the court (Motion for Relief from Automatic Stay). The foreclosure process can drag out for months. I am still awaiting foreclosure on one of my properties, since last July. I just received a new Notice of Deficiency (NOD) saying that I must cure the past due payments by July 3, 2009. They are so slow!

Note: that foreclosure processes vary between different States. In some States, even after foreclosure, there's a 6 month redemption period.

[denisejohn65]

when will they take my condo and car

So......I will be discharged of the debt with the car and condo before they even take it back??? Are you saying I will have to wait on them to forclose which could take a year? My lawyer said I should keep paying the HOA fees or save the money for them...because I could be sued. I moved out of it...but I'm still paying the HOA and electricty bill. I live in Colorado. I just want them to take it back as soon as they can. That is not good news to hear it may take that long.

[relief13035]

I have 2 condos in NV and the last payment that I made was Sept.2008. Just last week I received the first NOD. Haven't received a single thing on the second condo yet.

[denisejohn65]

Sorry...what is NOD?? I'm just missing my first payment this month. The Lawyer said don't pay if you are not keeping it. He did say to pay the HOA's till they take it.

[denisejohn65]

relief

I see you are discharged. What do you do with the condos now that you are discharged of them? That means you don't owe for them -right? Sorry, maybe my questions are silly,but I don't understand a lot about this stuff. Did you pay the HOA's??

[mamaluv]

Sorry...what is NOD?? I'm just missing my first payment this month. The Lawyer said don't pay if you are not keeping it. He did say to pay the HOA's till they take it.

NOD-Notice of Default

[relief13035]

I see you are discharged. What do you do with the condos now that you are discharged of them? That means you don't owe for them -right? Sorry, maybe my questions are silly,but I don't understand a lot about this stuff. Did you pay the HOA's??

Yes we are discharged and we surrendered the 2 condos. We no longer owe the debt on the mortgages and our credit reports shows "Included in Bankruptcy"

Right now - one condo is empty and the other has a tenant that we told not to pay rent. She has lived there rent-free since October. We included the property taxes in our Chapter 7 and also included the HOA in our matrix. We have not paid HOA dues since Sept. either. The homesowners association has put a lien on the sale of the property.

[relief13035]

No questions are silly - ask away! That's how you learn. Everyone's experience varies to some degree.

[denisejohn65]

What is a matrix? I filed chapter 7. My taxes were included in the mortgage payment...will I owe taxes? My lawyer said I could not include HOA. I live in Colorado

[justbroke]

What is a matrix?

The Matrix is all around you. It is in the air you breathe, in the ground you walk on, in the sights you see and in the feelings that you feel...

The Creditor Matrix is a list of addresses, in a particular format (5 lines each), of all of the creditors and other "interested" parties in your case. The Creditor Matrix is used as the official "address" book in your case. The Creditor Matrix has entities/people other than actual creditors, like youself, any joint debtor, the case Trustee, the U.S. Trustee, State/Local Taxing Authority, State/Local Law Enforcement (depends), the IRS, etc.

I filed chapter 7. My taxes were included in the mortgage payment...will I owe taxes? My lawyer said I could not include HOA. I live in Colorado

I don't have my HOA dues in my calculations either.

[denisejohn65]

What does it mean to cure the past due payments? Does that mean you have to pay all past due payments? I thought when you are discharged you don't have to pay anymore.How did you deal with this every day? Tell me how your hearing went? Thanks and I appreciate the info!

[justbroke]

What does it mean to cure the past due payments? Does that mean you have to pay all past due payments? I thought when you are discharged you don't have to pay anymore.How did you deal with this every day? Tell me how your hearing went? Thanks and I appreciate the info!

You only need to cure past due payments, prior to discharge, if you're keeping the property. Otherwise, you are correct... the debt is discharged.