Foreclosure after Bankruptcy discharged.

[ssc2761]

Hi all, first or maybe second time posting. My BK was a no asset case and was discharged 7/7/10. I don't know if the case has to be closed or not, but reading the forums indicates that it doesn't matter in a no asset case. I have 2 homes of which one I am keeping without reaffirming and the other has been surrendered as part of the BK. Both loans are through BofA/Countrywide. We stopped paying on the surrendered home in 2/2009. It is 1 1/2 years later and still no foreclosure process has started.

How long (estimation) do I have to wait until it forecloses and my name is off title? I ask as I am paying homeowners insurance (hazard) for the vacant home so I won't be liable for anything until home is out of my name. Is there a way to speed up the process?

Also, am I allowed to rent this home out to someone while I am waiting. If it is legal then I may find someone and tell them the situation and rent the home out for lower rent than normal. Please advise. Any responses or feedback are greatly appreciated.

Thanks in advance!!!

[UpaCreekinCA]

Sure you can rent it out but I would make sure the renter fully understands the situation. As for speeding things up, you can do a "deed in lieu of foreclosure" which gives the bank back the house typically faster.