Post discharge, now giving up house

[Phil]

Chapter 7 filed and already discharged. Yeahh. Time to get my life back.
I did not reaffirm the house. Was current till this month. Received notice that there is an escrow shortage and the mortage is going up over $100, which makes this payment over65% of my net income with 0 equirty. Time for it to go. I have mentally tortured myself over this because I have children I provide for, but have come to grips with it now. Did not pay this months mortgage and was very very fortunate to find someone willing to rent to me at less than half of what the mortgage is. Phew. Huge relief...NOW, I know they cannot report the foreclosure on my credit since I did not reaffirm, correct?

I don't want it, they can have it.... since it was IIB - if I called and offered Deed in lieu of foreclosure, would they take it - Wells Fargo - (or could they) or must they go through foreclosure. Live in a judicial foreclosure state.

I was hoping to save some $$ by not paying mortgage, but rentals are few and far between in this small town so I am jumping at the one I got...No HOA. Taxes and insurance are included in mortage. Even though I got a rental, we will not be moving into right away as we need to paint, etc....so this house will not be sitting vacant. I will also still be local so I will come to check on it frequently once we leave. I have been through a foreclosure before, which is what led me to bankruptcy (deficiency lawsuit filed) so while I am happy about the rental, I am super nervous. Anything I haven't considered or should be leery of?

[leavesfall]

hi phil... i am hoping someone will reply to your post... i think my discharge is anyday...we moved last month and live close to our condo.. we did not reaffirm it
we are renting and happy...

would like to just give the keys to WF - i called them yesterday and they said its not in foreclosure... i wonder how long it will drag out...i want to stop paying HOA's next month over there too... hopefullt someone will reply to this thread to give an idea what happens next...congratulations on your discharge!!

[OhioFiler]

Foreclosure is a civil court procedure and a public record. Public records appear on your credit report.

[Phil]

Confused

I know they go through the foreclosure process, but I did not reaffirm. Would this not show as IIB on my credit report?????

[leavesfall]

what is IIB??? I hope someone can exlplain

ok... so i called my attorneys this morning instead fo going to his office and i explained that we could just take care of this with a simple conversation... if he would take the time to just hear me out... he make a frustrated sigh... i said look it will save you time and me money so please just hear me out... "from my understanding (thanks to this forum) everything listed on our filing is pending discharge right now...regardless of my statement of intent for the car and the mortgage... the reaffirmation agreement was
filed with the court for the car however no reaffirmation was filed on the condo and it
will be discharged along with all the other debt... so nothing needs to be filed or amended " he said "thats correct" - then i told him i joined PACER yesterday and so he got on there while we were on the phone and he confirmed that the discharge could happen any day now.... once discharge has happened i will try and work with wells fargo to surrender the keys or do that deed in lieu thing... but i should be protected from any actions regarding the condo because it will be discharged....

i am so happy about this...

attorney is encouraging me to try and see if i can get cash for keys... however, it seems this is a program for people still living in the property to help them move?? has anyone ever known anyone or heard of anyone getting cash for keys??

[JRScott]

IIB is included in bankruptcy.

If you did not reaffirm then surrendering the home now is not another instance on the credit report, it would be considered part of the bankruptcy.

[leavesfall]

so should i do it before discharge?

[DebtEnder]

As far as credit goes there is no new hit on your credit report. However there is a system for lenders to see if you were forclosed on outside of a simple credit report.

Cash for keys is possible but it depends alot on the bank, investor, time of day, and how many goats you sacrificed yesterday

But yes you would still need to be living in the house to even have that option possible.

[leavesfall]

will they take the keys without the cash...

cant we just say heres your house?

i guess i will sacrafice a goat and give them a call ... lol