How do you "surrender" investment properties in chapter 7?

[porkchopcash]

JB,
Mine are over 120 days late so I assume they will report with "RF" and the "IIB".
My bigger concern I guess was getting hit with 12 public records filings spaced out over the next 24 months. In several threads I have noted that you are adamant in stating that there is to be no negative reporting on credit after BK discharge, even public records.
I am in no way doubting your statements but there seems to be a lot of mixed opinions on this. Can you point me to any outside source to verify this?
Thanks for your help.

[cofer22]

I'm glad I found this particular thread, as I was going to start a thread about surrendering property.
Not to hijack your thread Porkchopcash, but I have a question regarding this subject.

We're planning to file in the next few months due to our 3 severely underwater properties. We want to surrender all 3.

I'd like to get my name disassociated from these properties as soon as possible following the BK. It sounds like that can take a while depending on how fast the banks work to get the foreclosure done. We are current on all three properties. Now I'm wondering if defaulting would actually help in getting the foreclosure process working faster to eventually get our names off the properties. I hate the thought of having to still pay HOA fees/insurance after the discharge. Bummer...
Our attny actually advised us to stop paying the mortgage for the outside chance of the banks doing a DIL with us, hence my other posts about what to do with the tenants money.

[porkchopcash]

cofer,
No prob. You are not hijacking just adding to the discussion.
Sounds like we have similar problems just different amounts of properties.
I actually stopped paying over a year ago in hopes that I could get the banks to agree to short sales.

So, 14 months later and nothing accomplished. As for DIL, I got lots of offers but none were applicable to investors, only homeowners (no govt incentive for banks to assist non-homeowners)

Did not have to worry about tenants money. Properties went vacant.