discharged since 1/2007 CASE STILL NOT CLOSED!!

[venicehope]

We were discharged in Jan. 2007 after filing for Chapter 7. There were alot of issues with our attorney & her lack of fudisciary responsibilities. None the less we made our last buy back payment in November 2008 to our Trustee. After some months (around May 2009) I spoke to trustees assistant about the case still not being closed, inquireing as to the delay. She said it was just a matter of some paperwork & it should be a couple months. Assuring me it wasn't of any concern. SHOULD I BE CONCERNED? It's a full year now since our last payment. I'm starting to worry that our Trustee might have failed or fallen short on her fudisciary responsibilities also.
In addition, Wachovia bank continues to send mortgage statements on a home we abandoned & were discharged of in 2007. They have dragged their feet in making any effort to start foreclosure, or change the deed to their name. This has me concerned, because if any one gets hurt on the property we're still responsible with our name on the deed. Any Advise?

[Notes4fr]

I called the BK court clerk and was transferred to the docket clerk to find out the specifics on why my case wasn't closed. She brought my case up, and said she could do it today! I would start with the BK court clerk to find out why!

[jjsmith]

Can you give me more details about how your buy back worked with the trustee? We are filing today and hope that we'll be able to keep our home. We've heard that if the trustee thinks there is equity in the property then we can buy back the equity.

How did your buy back work?

[NoMoreCards]

jjsmith, please remember that each state and district does it a bit differently and there are different exemptions for each state as well.

I just wanted to make sure you didn't assume that what happens to the other poster, will happen with you.

Best of luck

[jjsmith]

NoMoreCards- No, I don't assume I'll have a case not closed forever. I'm not quite sure what the closed status means, as I thought the discharge is the big deal. I'm just curious about Venice's negotiations of her buy back and how that worked, as I've seen some people denied buy backs and I'm not sure why some people get to do them and some don't.

[jjsmith]

Venice- If you truly just want the property out of your name, why don't you just deed the house to the bank. I know that some banks will do a deed-in-lieu of foreclosure. But some banks actually do want to foreclose, so they can strip the property of any existing or potential liens.

Technically, even if the bank doesn't want to accept a deed in lieu of foreclosure, you can deed the property to them any way. All that is required for you to transfer the property into the banks name is your signature, not the receiving party. Just make sure to use a quit-claim deed and not any warranty deed, because you don't want to be responsible for warrantying the property against liens. I have NO idea what the ramifications of doing this could be, I'm not a lawyer. I'd be very curious to see what a lawyer says about this. I just know that technically you can put the bank on title without their permission What's the bank going to do, sue you for giving them their asset back?

[venicehope]

Thanks for all your responses,
as for my buy back, hmmm where to begin. Our att. & the trustee discussed this without our knowledge. They came to an agreement or so our att claims the trustee stated what she wanted and there wasn't any options. It was always my understanding that having assets (in our case it was some material possessions & a jet ski) that went over our $ allowance), it was our choice to buy back those possessions, or turn them over to the trustee to sell at auction. We were told to pay 3000.00 in 6 monthly payments of 500.00 to keep them. Granted.... if we sold the jet ski outright ourselves we probably could of got much more then the 3000.00 assessed for it. But in truth, the trustee might not of got 3000.00 for it at auction so giving us a dollar amount cut and dry ( & no option to hand over the possessions) most likely put more money in her pocket (she gets a percentage of the money/possession value recovered) As for our creditors ever seeing any of it, I couldn't tell you & it wouldn't matter anyway? We were over a million in debit. Surrendering our home, an investment home, & credit cards with expenses from the repairs of the investment home, & health bills.
I can share for anyone interested, that my husband & I never anticipated bankruptcy. We were naive & unfortunately not savvy, we were brought up to pay your bills & be honest. We did everything we could to remain current on our loans while trying to negotiate with both mortgage companies to refinance. Mind you this was in 2007 & the banks hadn't hit bottom yet. There was no negotiating anything or options. In turn while trying to sell the investment home, we started to liquidate our IRA-401k to pay our bills. Upwards of 8000.00 a month in mortgage, tax, & insurance fees. Later of course we realized we had nothing left and the home we tried to sell lost value as the market crashed and time went on. By the time we gave it up we couldn't sell it for what we payed for it, in spite of 100,000. in improvements (this was a 750,000. home on the water in a million neighborhood) Any whoooo, If any of you have even the slightest inkling of filing for bankruptcy...STOP THE BLEEDING NOW & start protecting your assests! ON ANOTHER NOTE. Our homesteaded home still sits empty with not a move from Wachovia bank. It has been 2 full years since we moved out. I panicked prior to filing thinking if I didn't move out into a rental, when we wanted to apply for one we wouldn't get it because the filing would show on our credit rating. WRONG, if we stayed put, my family could have saved 2000.00 in rent for the last two years. That's 48,000.00. that we don't have now. Looking back there's alot of would of, could of, should of's. We are now 50, have no home, no 401k, IRA, or savings. I have two children to put through college yet, can't afford health care or life insurance (& we're self employed). PLAN AHEAD, BE SMART & SELFISH. I'd be happy to answer any other questions if you post them.

[venicehope]

jjsmith,
Sorry I didn't specifically respond to your question before. They can't leave you homeless or require you to buy back a home you've already bought - your question about buying back the equity) We are in FL, what I remember was that if your home is homesteaded they can't take it. But you in turn need to decide and prove that you can (employment and income proven) & will continue to make and keep current your loan. You of course also have the option to surrender it (especially if you owe more on it then it's valued...a big issue in today's market) or if the mortgage is a monthly amount you can no longer afford & the bank will not agree to accommodate, refinance etc. Just a note: if you have enough equity in the house, & think it might be more beneficial to keep the house with the intent to sell it after your discharged of your other debts, keep it, & sell it, collect your equity & buy something more affordable (in a great home value market) with lesser monthly payments, & a new debt free start. People need to be aware of your state bankruptcy laws & changes. A savvy attorney who represents YOU, will be able to tell you what is safe or not. Not only do you need to think about present issues but what your going to do and how you'll financially really be long term. long term plans are important. Also remember any retirement saving is safe, (& health accounts) as long as you haven't recently made obvious deposits to hide monies etc.

[venicehope]

Venice- If you truly just want the property out of your name, why don't you just deed the house to the bank. I know that some banks will do a deed-in-lieu of foreclosure. But some banks actually do want to foreclose, so they can strip the property of any existing or potential liens.

Technically, even if the bank doesn't want to accept a deed in lieu of foreclosure, you can deed the property to them any way. All that is required for you to transfer the property into the banks name is your signature, not the receiving party. Just make sure to use a quit-claim deed and not any warranty deed, because you don't want to be responsible for warrantying the property against liens. I have NO idea what the ramifications of doing this could be, I'm not a lawyer. I'd be very curious to see what a lawyer says about this. I just know that technically you can put the bank on title without their permission What's the bank going to do, sue you for giving them their asset back?

Thanks a bunch! I'll contact the att & look into it.

[venicehope]

I called the BK court clerk and was transferred to the docket clerk to find out the specifics on why my case wasn't closed. She brought my case up, and said she could do it today! I would start with the BK court clerk to find out why!

Thanks, I'm doing so today, will post news if any.

[jjsmith]

Our attorney said we get to keep our home as long as there is not equity above the homestead exemption. We already took advantage of the low market and bought this home a year ago, and it's one we can afford and want to stay. We have 6 kids and also support my parents, so having a home that's big enough for 10 that we can afford is hard to find!! We don't want to lose this one.

Let me know what your attorney says about deeding your property back to the bank. I'm curious about that dilemma. I don't blame you for not wanting to be liable for that property. If you've abandoned the property there doesn't seem to be any benefit of having it in your name. I wonder if there's a statue of limitations on foreclosure. If so, seems like we need to bump it up so banks don't leave properties sitting out there like this.

[venicehope]

hmmmm, Utah, I hope your exemption is better then the exemptions in Florida. I think my car was like 1,500.00 Crazy! can a 1,500.00 car even run LOL. Any how, bless you, you have a big family & lot's of responsibility. Looks like ya have all your ducks in a row. Good luck as things progress, the 341 isn't as intimidating as people think. Just be honest, obviously with 6 kids & the folks you should be looked upon with understanding.
The statue of limitations for foreclosure makes sense, if only?
I'll keep posted.
Thanks again, & good luck

[jjsmith]

I wish I could bring all my kids into the 341 hearing to help soften the trustees heart and go easy on us!!

[venicehope]

I called the BK court clerk and was transferred to the docket clerk to find out the specifics on why my case wasn't closed. She brought my case up, and said she could do it today! I would start with the BK court clerk to find out why!

called today, was told the final report was just filed 11/25/09, now just waiting for the final decree. Hopefully trustee & our lax att. have dotted their i's & crossed all their t's & done their job right. crossing my fingers!

[Notes4fr]

Venice, praying for your success! (and your attourney doing the job!)