Hi, could someone please give us some pointers(opinions) on the foreclosure process and if there is anything I can do to speed it up.
We filed for chapt 7 bankruptcy in april and are now awaiting the discharge( if everything goes accordingly). My concern is about a rental property that we own in Arizona that of course is upside down in value(after many attempts of trying to sell it, we cannot sell it unless we do a short sale, but that doesnt look too promising either). What we really want is to just hand the property back to the bank(s)( we have first and second mortgages with different lenders). We havent paid on the property for 2 months on the first and going on 3 months on the second. I have contacted the mortgage lender to inquire about deed in lieu, but they want me to fill out lots of forms and bank statements etc( my thoughts are what is the point, we are already in bankruptcy). The property is vacant and it has a pool, the previous tenants abandoned it so I am not sure what the condition is(we are living out of town due to military obligations), but it cant be good.
We are concerned about the liablity of the property, especially because it has a pool and we arent paying insurance that would be included with the payment. Is there anyway to speed the foreclosure process? We arent planning on keeping it after the bankruptcy, and there is a stay on the property due to the bankruptcy. The forms they want me to fill out seem to be geared for people trying to avoid the foreclosure(ie, loan modifcations etc.). We simply want to be rid of it. Any thoughts and opinions would be greatly appreciated.
Regards,
We filed for chapt 7 bankruptcy in april and are now awaiting the discharge( if everything goes accordingly). My concern is about a rental property that we own in Arizona that of course is upside down in value(after many attempts of trying to sell it, we cannot sell it unless we do a short sale, but that doesnt look too promising either). What we really want is to just hand the property back to the bank(s)( we have first and second mortgages with different lenders). We havent paid on the property for 2 months on the first and going on 3 months on the second. I have contacted the mortgage lender to inquire about deed in lieu, but they want me to fill out lots of forms and bank statements etc( my thoughts are what is the point, we are already in bankruptcy). The property is vacant and it has a pool, the previous tenants abandoned it so I am not sure what the condition is(we are living out of town due to military obligations), but it cant be good.
We are concerned about the liablity of the property, especially because it has a pool and we arent paying insurance that would be included with the payment. Is there anyway to speed the foreclosure process? We arent planning on keeping it after the bankruptcy, and there is a stay on the property due to the bankruptcy. The forms they want me to fill out seem to be geared for people trying to avoid the foreclosure(ie, loan modifcations etc.). We simply want to be rid of it. Any thoughts and opinions would be greatly appreciated.
Regards,
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