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Case Not Closed--Questions

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    #1

    Case Not Closed--Questions

    Our case was discharged as of last week. My husband and I have been trying to work out marital problems, but it looks like we will not be able to. We have funds set aside to pay our mortgage payment due the first of the month, but we have not made it yet. We were thinking that if our case is closed, we might not have to make the payment after all. Instead, we could allow foreclosure to start and use the money to save & move. Are we right to think this way? Would it look sketchy to foreclose right after our file was closed? It has been a rough few months and this certainly was not the outcome we were hoping for, but I also don't want to do anything stupid right now since we have stuck it out this far already. If we do foreclose after our file is closed, how long will the foreclosure process take? Is it shorter with a closed bk versus an open one? I just want an idea of how much time we are looking at if we go this route?

    My biggest fear is that I don't want to end up in a Chapter 13 when we have been trying so hard just to get through a Chapter 7!

    Thanks,

    Concerned
    Tags: None
    #2
    The biggest thing you have to worry about is the fact that since your bk is already done... if you let them foreclose on the house... they'll take it... sell it at auction and if they dont' get enough to pay off the mortgage... YOU are still liable for it!!!

    If you owe less on the house than what it is worth... sell it and THEN move. If you owe more on it than what you can sell it for... I'm afraid you're pretty stuck.
    Filed Ch. 7 Pro-Se: 10/12/06
    341: 11/6/06 (went AMAZINGLY well!)
    Discharge: 1/12/07
    Closed:1/19/07

    Comment

      #3
      Did you reaffirm the mortgage in Chapter 7???? Did you sign papers????

      If not the home can be discharged in the bankruptcy and you can surrender it and owe nothing on the balance due.....

      If you signed the papers, you WILL be responsible for any balance due owed on it after its sold............. if it does not sell for enough.....

      Bad timing folks!!!
      Minny

      "It's amazing the paths that our feet sometimes follow in life".

      My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

      Comment

        #4
        oh wait! Even if they reaffirmed it... don't they get like 60 days after the closing to back out of it?

        Check with your attorney... if you now want to give the house back, NOW is the time to deal with it. Don't wait. Call your attorney and see if you can get out of the reaffirmation agreement.
        Filed Ch. 7 Pro-Se: 10/12/06
        341: 11/6/06 (went AMAZINGLY well!)
        Discharge: 1/12/07
        Closed:1/19/07

        Comment

          #5
          We didn't reaffirm

          Instead, we kept our payments current so that we could walk away later if needed. Our attorney told us this was perfectly legal! I'm just wondering if it would be wise to wait until we have closed before walking away, or if it even makes a difference. We will not be able to sell if for what we owe. I did a lot of research before we filed and I know that since our marriage was very shaky there was a possibility we would need to surrender the house later. I am just wondering how late we should wait. If we should keep the payments up to date until we close, then that's what we'll do.

          Comment

            #6
            Why would you want to lose the house if you can stay current? I know it's not an answer to the question, but if you seperate at least one could hold on to the home.

            I hope things work out well either way.
            "You once asked me for advice. You want some now? Never pass up a good thing." Lieutenant Jean Rasczak, Starship Troopers

            Join the Mobile Infantry and save the world. Service guarantees citizenship.

            Comment

              #7
              "Walking away" at any point should be ok-if you reach the decision that it is best to let the house go, then saving that money to find separate apartments is probably the thing to do. I'm not sure that the close would have any impact on that, actually.

              From what I know (and its limited in this department) foreclosure time frames vary by state. On the wide spectrum of things, I've heard some areas can be as quick as a few months while others can be 12-18 months.
              Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

              Comment

                #8
                Your right Staci!

                In Ohio, it is 12 months from 1st Legal filing, until an eviction is ordered and after the writ(eviction 1st legal) is filed, you still have 30 days notice before the sheriff will show up and escort you out and change the locks on the home...

                Ohio is judicial so it is a longer proceedure... some states like Georgia and Texas are non-judicial, and the whole processes including eviction time is 4 months...

                Comment

                  #9
                  We are giving up the home because neither one of us can afford it alone. We could barely afford it together. This winter has been a struggle, but we managed because we felt like we had to at least give it a try (the marriage and the house). Thanks everyone for your support and help! Does anyone know a link that gives information about your State's foreclosure proceedings?

                  Comment

                    #10
                    Originally posted by HopeinHorizon
                    Your right Staci!

                    In Ohio, it is 12 months from 1st Legal filing, until an eviction is ordered and after the writ(eviction 1st legal) is filed, you still have 30 days notice before the sheriff will show up and escort you out and change the locks on the home...

                    Ohio is judicial so it is a longer proceedure... some states like Georgia and Texas are non-judicial, and the whole processes including eviction time is 4 months...
                    Yep! It varies State to State.

                    Our house is in Missouri. MO and one other state are the 2 fastest in the country. aka a Quick Foreclosure State. 60 days from start to finish. The Lender can start Foreclosure after as little as 2 missed payments.

                    Missouri has both Judicial and non Judicial. If the mortgage has a "Right to Sell" clause in it, the Lender does not have to go the Judicial route. All the Lender has to do is send the owner/borrower a notification in the mail giving 20 days notice, advertise the property for 30 days, and then sell. Judicial adds a few extra days as the Lender has to go to Court to execute the right to proceed with Foreclosure.

                    You need to check on your State's foreclosure processes to see how long you'll have. You may be able to live in your house quite some time, without making payments, and saving the money the whole time.
                    Filed Ch 7 - 09/06
                    Discharged - 12/2006
                    Officially Declared No Asset - 03/2007
                    Closed - 04/2007

                    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                    Comment

                      #11
                      If you are going to split and go your separate ways, first check and see what the foreclosure laws are in your state. Then make NO MORE house payments....start saving your money..... Hopefully you don't live in MO with a 60 day foreclosure process....

                      Most states you have to be 60-90 days late on house payments before they start foreclosure..... then they have to file with the court, get a hearing, and get a judgment to foreclose. This can take up to 6 months. Then they have to give you notice of eviction, date of sale.... this also adds time...

                      You could have anywhere from 6 months to a year before you would be forced to move out because of foreclosure....

                      My home was not foreclosed on - the court seized it... but it took them 16 months before it was auctioned and I still could have stayed in it 30-60 days past auction date if I had not purchased it back....

                      Check with your attorney, he can tell you how long foreclosure is in your state.....

                      Hope and pray things work out for you and yours..... Bk is hard enough without a split in marriage also....

                      Sorry to hear about the "tough times".....
                      Minny

                      "It's amazing the paths that our feet sometimes follow in life".

                      My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

                      Comment

                        #12
                        Originally posted by HopeinHorizon
                        Your right Staci!

                        In Ohio, it is 12 months from 1st Legal filing, until an eviction is ordered and after the writ(eviction 1st legal) is filed, you still have 30 days notice before the sheriff will show up and escort you out and change the locks on the home...

                        Ohio is judicial so it is a longer proceedure... some states like Georgia and Texas are non-judicial, and the whole processes including eviction time is 4 months...
                        I'm in Ohio too and I've heard that it could be 12 months to evict. Oh boy, I wonder what kind of mess the Sherrif/Lender will find when they finally get into the house because we are moving out on March 3rd and 4th and the house will be locked up for an entire year (we found a house to rent..........and before our discharge too)!
                        Bankruptcy History:
                        Chapter 7 filed - 10/12/2005 - Asset
                        Discharged - 02/16/2006
                        Case Closed - 11/08/2007

                        A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

                        All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

                        Comment

                          #13
                          Minneymouth

                          My home was not foreclosed on - the court seized it... but it took them 16 months before it was auctioned and I still could have stayed in it 30-60 days past auction date if I had not purchased it back....
                          How did you purchase back your home after BK? How did you get approval to buy it?

                          Our home state is NY. I learned that there is both judiciary and non-judiciary, with non-judiciary occuring very rarely. I guess there must be a clause in there allowing the lender "right to sell". I plan to look through the mortgage contract, but I never know where to look to find these things.

                          Thanks for the feedback! Good luck to you too!

                          Comment

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