How can I speed up foreclosure?

[outofluck07]

I will be filing in the next few months, and giving up an upside down rental property in the process. Is there a release or some way to surrender the house so the foreclosure moves along quicker? I work at City Hall and don't really want unpaid property taxes showing up with my name on them.

[timetosave]

If no one is living in the property, just call the bank up and tell them you are abandoning the property. Usually, they will then secure the property. Don't know if that will speed up the process in your state, but in WI, if you abandon the property, the redemption period will change from 12 months to as little as 2-4 months.

[timetosave]

Oh, never mind. I just noticed you are from the milwaukee area! Call your bank and let them know you are abandoning the property and would like for them decrease the redemption period. Hopefully, they will work with you!

[r.m]

[I work at City Hall and don't really want unpaid property taxes showing up with my name on them.]

That will be the least of your worries.

You could try to get them to accept a DIL, but that's a low-probability solution, because they don't do many of them.

Why not rent it out short-term for enough to cover the taxes, then forfeit it at the end of the rental period?

[outofluck07]

Thanks for all of your great info. I don't want to have the rental income (it will make me fail the means test according to the backwards way it gets calculated). If I wait until after the foreclosure to file, will I be able to use a deficiency amount (whatever it ends up being) as additional unsecured debt? I'm over the median income, but close enough that it may work out.