Hello,
I have/had two mortgages on a property valued at 113K-140K. Owed 122K of 135K on first mortgage, and an additional 45K on a second.
Wife & I filed Chap 7 in Sep 2009, and debt discharged Jan 2010. At the lawyer's advice we did not affirm either mortgage, nor did we surrender the property; lawyer said just stop paying & eventually it'll go into foreclosure, sheriff's sale, etc. He filed a 'proof of note' or something that the mortgage company (was local, then bought by National City, who was then bought by PNC) is required to provide before they can foreclose. Basically to prove they own the note on the house. I imagine that's the reason it's taken them so long to foreclose.
I'm in South Dakota, which allows 180 days from date of sheriff's sale to vacate. So we've been living here until we receive the notice of sheriff's sale, then figure we've got about six months to find someplace else to live. So far, 2 years in the house rent-free, which is good financially but difficult emotionally.
My question is this - is there any way I can find out how this is moving along, without speeding up the process?
Also, I've thought about trying to work with the mortgage company, to see if there's a way I could keep the first mortgage without having to be tied to the second. My lawyer says that won't happen, but it's difficult to just do nothing but wait.
Any help or constructive opinions would be greatly appreciated.
Thanks.
I have/had two mortgages on a property valued at 113K-140K. Owed 122K of 135K on first mortgage, and an additional 45K on a second.
Wife & I filed Chap 7 in Sep 2009, and debt discharged Jan 2010. At the lawyer's advice we did not affirm either mortgage, nor did we surrender the property; lawyer said just stop paying & eventually it'll go into foreclosure, sheriff's sale, etc. He filed a 'proof of note' or something that the mortgage company (was local, then bought by National City, who was then bought by PNC) is required to provide before they can foreclose. Basically to prove they own the note on the house. I imagine that's the reason it's taken them so long to foreclose.
I'm in South Dakota, which allows 180 days from date of sheriff's sale to vacate. So we've been living here until we receive the notice of sheriff's sale, then figure we've got about six months to find someplace else to live. So far, 2 years in the house rent-free, which is good financially but difficult emotionally.
My question is this - is there any way I can find out how this is moving along, without speeding up the process?
Also, I've thought about trying to work with the mortgage company, to see if there's a way I could keep the first mortgage without having to be tied to the second. My lawyer says that won't happen, but it's difficult to just do nothing but wait.
Any help or constructive opinions would be greatly appreciated.
Thanks.
| 341: 2009-12-14: | DISCHARGED: 2010-02-09 
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