Question on foreclosure/deed in lieu

[filed]

Background...filed a no asset ch7 in November 2011, discharged early Feb, 2012.

Case still not closed, trustee has filed nothing, so, I don't really know where it stands. Included the house debt and have arranged for a new place to rent. Just got about 4 letters from attorneys offering to represent me in the foreclosure that has been filed, so even though I have not been served, I suppose the bank has started to foreclose.

Hearing all of the nightmares of people who cannot get their lender to foreclose, I suppose I should be glad this is moving, and maybe the foreclosure is exactly what I want.

Question #1, is this true, and the foreclosure is a good thing as it gets the house out of my name and starts the 3 year clock, minimizing the time until I can get good financing to buy a new home?

Question #2, is there any opportunity to offer a deed in lieu of foreclosure and get a little money in return for making this go more quickly for the bank?

Thanks, in advance for any answers, this forum is the best.
Filed

[filed]

Background...filed a no asset ch7 in November 2011, discharged early Feb, 2012.

Case still not closed, trustee has filed nothing, so, I don't really know where it stands. Included the house debt and have arranged for a new place to rent. Just got about 4 letters from attorneys offering to represent me in the foreclosure that has been filed, so even though I have not been served, I suppose the bank has started to foreclose.

Hearing all of the nightmares of people who cannot get their lender to foreclose, I suppose I should be glad this is moving, and maybe the foreclosure is exactly what I want.

Question #1, is this true, and the foreclosure is a good thing as it gets the house out of my name and starts the 3 year clock, minimizing the time until I can get good financing to buy a new home?

Question #2, is there any opportunity to offer a deed in lieu of foreclosure and get a little money in return for making this go more quickly for the bank?

Thanks, in advance for any answers, this forum is the best.
Filed

Reposting, same questions, is it actually a good thing the foreclosure is apparently progressing? Should I make myself available somehow to be served?

[tobee43]

well, just because the bank started the process doesn't necessarily mean they will go throught the process...as i'm living proof of that (over 4 years since our process began). i attempted a DIL however, it was flately refused by chase. on the other hand we had another property with anohter bank and it was accepted.

it is true that the foreclosure will absolutely get your name off the deed and all this talk about the 3 year clock starting...who knows. i have only seen a handful of people getting mortgages period. i would attempt to see if the bank would accept a DIL and just get it over with. don't bother to contact any atty's for the foreclose, in light of the fact you are leaving the house, you don't need to incurr any legal charges connected to the foreclosure. it will run it's course by itself. since you don't list where you are from, it's difficult to say how fast the process would take. if you are in a judicial state it can take years while if you are not it could go as fast as 90 days.

best of luck to you!