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    #1

    Forclosure and Bankruptcy

    Here is the situation. I received a notice of default in Feb of 2009. The Sale in California was to be on June 23 2009. I retained an attorney in May of 2009 to file a chapter 7 bankruptcy. He was aware that a notice of default was pending. The sale date was extended twice due to federal moratoriums , and now he is prepared to file the bankruptcy. He was under the impression the house was already sold. .In signing paperwork today he was informed that sale date was posted for next week , he suggested I talk to the lender asap to see if they plan on selling the house on their new sale date which is July 24 , 2009. He is concerned that because the house is still in my name, there might be problems with potential lawsuits or damage done to the house. I moved out of the house in June , thinking it was going to be sold. He mentioned to ask the lender for a deed in lieu of, in an effort to get the house out of my name asap, this as well would save the lender bankruptcy costs.
    I'm also concerned about a deficiency judgment on the second loan. Any advice would be really appreciated, as you can see, it's 2:30 am and I'm already losing sleep over this.

    Thanks for the help
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    #2
    You need to go by and check the house. I hope you kept it insured as you are still the owner. Cut the grass and make it look lived in or it invites destruction. I'm not meaning to scare you but you have a valid point so check on it for your own relief today if possible. As far as the second loan it is secured only by the first loan being paid for then the house in that order. Once the house is foreclosed on, the second loan is unsecured and any judgment if they had time to get one, would be forgiven by the bk. 'Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

    Comment

      #3
      Originally posted by AngelinaCatHub View Post
      You need to go by and check the house. I hope you kept it insured as you are still the owner. Cut the grass and make it look lived in or it invites destruction. I'm not meaning to scare you but you have a valid point so check on it for your own relief today if possible. As far as the second loan it is secured only by the first loan being paid for then the house in that order. Once the house is foreclosed on, the second loan is unsecured and any judgment if they had time to get one, would be forgiven by the bk. 'Hub
      Was there yesterday and neighbor had one of their workers vans parked in the
      driveway lol . No , I didn't keep insurance past June of this year thinking it was going to be sold at that time. I'm not sure if any insurance company will put a policy on it the house in it's current status ? I did have a vehicle parked in the driveway until yesterday. Maybe I should move the vehicle back to make it look lived in. Thanks for the info on the second loan.

      Peace.......

      Comment

        #4
        Originally posted by durtaholic View Post
        Was there yesterday and neighbor had one of their workers vans parked in the
        driveway lol . No , I didn't keep insurance past June of this year thinking it was going to be sold at that time. I'm not sure if any insurance company will put a policy on it the house in it's current status ? I did have a vehicle parked in the driveway until yesterday. Maybe I should move the vehicle back to make it look lived in. Thanks for the info on the second loan.

        Peace.......
        I would put the the insurance back on it ASAP. You can cancel once you have confirmed the deed is no longer in your name. Bottom line: If it is still in your name is still on the deed you are fully liable for that house. The prortae the insurance so if you get a 1 year term and only need it for 6 months, then thats all you need.

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          #5
          Originally posted by Scooter10 View Post
          I would put the the insurance back on it ASAP. You can cancel once you have confirmed the deed is no longer in your name. Bottom line: If it is still in your name is still on the deed you are fully liable for that house. The prortae the insurance so if you get a 1 year term and only need it for 6 months, then thats all you need.
          Thanks for the input.

          Comment

            #6
            So I talked to Indy Mac today and they said they have no record of the sale date. I spoke to the attorney for Indy Mac and he said he is showing a sale date of 7-23-09. He said the original sale date of 6-23-09 was put on hold for 30 days. He tried to explain what re-affirming the loan meant if the house is included in the BK. The way he explained it is that I will owe the total amount of the loan if I keep house. Well that was the problem in the first place.
            My attorney wanted to wait until the sale date of this month to see if the house actually sold, as he mentioned he has quite a bit of paperwork to redo if it doesn't?
            If the attorney does file, which he plans on doing before the end of this month, how does this affect the home ?

            Thanks for the help.

            Comment

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