Bank of America Mortgage

[jctwo]

Hello!!!!! Okay so I am discharged chapter 7 no asset which i was discharged on 01/20...Pacer says its awaiting closure for 5 days now. Bank of America said that they dont re-affirm mortgages. Sooooooo does that mean its discharged but i still pay the home anyway to keep it? Can they file a suit against me in the near future if for some reason i cant pay it? Its weird paying for something and theres nothing in writing since i feel that the debt is discharged. We told the trustee that we are keeping the house.


PS. I cant wait for the awaiting closure status to be closed so i can file taxes.

[BassBoy]

The lender CANNOT seek any recourse if you decide to surrender the home at some point. If it's years later, it may be reported as a foreclosure because the discharge of the debt and the foreclosure ocurred so far apart, but that may be the worst that happens...if at all. In any case, the debt is forever gone and as long as you continue to pay the loan, you'll have your home. The lender MUST HAVE legal right to foreclose, such as default of the loan.

[ready2live]

We have them for our home loan also. We are also staying in out house. Their loss I guess if we decided to move in a year. I got a letter from them today saying our escrow is low and thanks for continuing payment.

[IZZYnGEORGE]

I have my Mortgage with them also..we will be surrendering. Make sure if you have an escrow account for taxes/Ins that is has enough $$$...they messed mine up thinking I only pay taxes once a year instead of twice (Illinois) and know we are neg in our account...raised our pmt by $410.00 a month (they will not work with us on it) Good luck to you!!!

[logansdad]

The lender CANNOT seek any recourse if you decide to surrender the home at some point. If it's years later, it may be reported as a foreclosure because the discharge of the debt and the foreclosure ocurred so far apart, but that may be the worst that happens...if at all. In any case, the debt is forever gone and as long as you continue to pay the loan, you'll have your home. The lender MUST HAVE legal right to foreclose, such as default of the loan.

Don't think you can pay and stay for ever
We are in Michigan. I just left an hour meeting with my lawyer, the banks lawyer. We are current and they sent us to foreclosure this week stating sign or foreclose stating BK is a violation of their mortgage note, your option, No settlements, no mod, no nothing sign or we foreclose. They are a smaller bank and don't have a ton of proprieties right now. I was also told the people that are doing pay and stay that their day will come once things return to normal they too will be given the same choice. There are two many properties to push the hand right now, but don't think you can pay and stay for ever either.

[CCsAreEvil]

So, the question is.. Is filing for BK provide a legal right for the lender to foreclose? I haven't read anywhere on this forum where if you are current on your mortgage loans (post discharge) that they enforce a foreclosure.

Also, I think the poster above me is correct that when things go "back to normal" which probably means that when there is sufficient profit to be made on a discharged note (case by case basis), will the lender start a formal foreclosure process... this goes back to my question in the first paragraph. Does including the mortgage note give them a legal right to start foreclosure proceedings? Shrug.

Edit: logansdad, so, is there actual profit to be made on your home right now if they foreclose on you? What's the approx. amount of your current loan and what do you think the value is?

[logansdad]

So, the question is.. Is filing for BK provide a legal right for the lender to foreclose? I haven't read anywhere on this forum where if you are current on your mortgage loans (post discharge) that they enforce a foreclosure

I didn't think so either snap goes the brief case out comes my orignal note and on the back of the 3rd page there is a section called default and under that heading 4 or 5 paragraphs down it said BK is a form of default.

Edit: logansdad, so, is there actual profit to be made on your home right now if they foreclose on you? What's the approx. amount of your current loan and what do you think the value is?

No profit; I owe 176 house would probably sell for 155k at least I have a reason to get drunk tonight lol

[OhioFiler]

Don't think you can pay and stay for ever
We are in Michigan. I just left an hour meeting with my lawyer, the banks lawyer. We are current and they sent us to foreclosure this week stating sign or foreclose stating BK is a violation of their mortgage note, your option, No settlements, no mod, no nothing sign or we foreclose. They are a smaller bank and don't have a ton of proprieties right now. I was also told the people that are doing pay and stay that their day will come once things return to normal they too will be given the same choice. There are two many properties to push the hand right now, but don't think you can pay and stay for ever either.

I would argue my case in court. Foreclosure isn't a rubber stamp. The judge can deny their motion.

[logansdad]

I am but maybe their doing us a favor. We decided that there is a big world out there and are going to move to TX or CO. I am fighting and staying for free as long as possible now.