Chapter 7 Planning for Foreclosure/DIL/Etc.

[skibum]

As some of you may know, our attorney told us to leave our home in December, so we did, under the threat of foreclosure prior to our CH7 filing. I received a letter from Chase dated April 14 that they intend to foreclose, the Notice of Intent, giving me 32 days to respond. I have not responded, yet.

Here's my question: should I be proactive and contact Chase, and offer them a DIL now, or should I wait until I actually see the NOD? I don't want to panic, as I did in the past, and I know how important PLANNING is in BK, as I've learned it the hard way. Would contacting these sob's accelerate the foreclosure, or harm me in some way? I would like to still use the home as much as I can and delay foreclosure, unless I can profit some way by doing otherwise.

Chase did get a relief from stay, but other than the letter dated April 14 I have had only offers to modify the loan, come to a meeting, etc., in the mail. I am not capable of, or wanting, to get a loan mod unless they cut hundreds of thousands off the principal.

Has anyone actually had luck getting cash for keys from Chase? I read about the FDIC recently proposing a $20,000 check for a DIL in some cases, but nothing concrete. To me, it seems like the housing market won't recover in my lifetime with everything happening the way it is. Did you read the Zillow report that came out this week? 2012 for a bottom prediction now?

Thanks all, as always, and best to everyone.

[sh9730]

You know at a minimum if you APPLY for a loan mod the FC proceedings will be delayed while you are in review - that is the stage I am in (see my post below "rat race") with Chase. Then if they dont offer you a good enough mod, at least you save money for a couple of more months? Im hoping to save my place, but if that is not in the cards so to speak, I am going to save as much up as I can before they come. My understanding is that you will still be offered the short sale option and DIL even AFTER you try for a mod.

I dont think there is any reason for you NOT to apply for the mod unless you are already moving out of the home.

ETA - I have read on another forum that some people ARE in fact having success getting large amounts of cash from Chase for successful short sales. Not sure of rules here to post about other forums..