surrendering home?

[tlcemporium]

My chapter 7 bankruptcy was discharged and I surrendered my home. I received foreclousure papers about a month after that 2/06 they placed a lien on the property, but I have not heard anything else? Where do I go from here? I do not know if I should move or what?

[Minnymouth]

Id sit right there till they told me to move and put that money away for a rainy day...

Course your going to have to have someplace to move too..... so I would be looking for another roof over my head..... and get ready to be prepared to move.....

If your home is auctioned you will be given 10 days to move out....... and the bank can notify you at any given time to "move it".......

[SinkingFast]

What State do you live in. That will help us help you with your Foreclosure timeline.

Some States are very quick. Other States have lengthy, involved, Judicial Only Foreclosures. How long you have depends on the State you live in.

Generally speaking, the Lender will want the property vacant before they hold the auction. So if we know the State, we can help you know approximately how long you have before you have to be out of the house.

And, like Minny said, you need to be scouting out places to live. The fact that you've filed BK may cause problems for you with large apt complexes that typically run a Credit Check on prospective tenants. You don't want to receive a notice to vacate and not have a place to go. In fact, if the right deal comes along, you may want to go ahead and move, and notify the Lender that the property is vacant.

[tlcemporium]

Tammy

What State do you live in. That will help us help you with your Foreclosure timeline.

Some States are very quick. Other States have lengthy, involved, Judicial Only Foreclosures. How long you have depends on the State you live in.

Generally speaking, the Lender will want the property vacant before they hold the auction. So if we know the State, we can help you know approximately how long you have before you have to be out of the house.

And, like Minny said, you need to be scouting out places to live. The fact that you've filed BK may cause problems for you with large apt complexes that typically run a Credit Check on prospective tenants. You don't want to receive a notice to vacate and not have a place to go. In fact, if the right deal comes along, you may want to go ahead and move, and notify the Lender that the property is vacant.

Hi I jsut wanted to say that I live in Pennsylvania and any advise you can give me would be great. How long do you think I have before I have to move?

Thank you Tammy

[SinkingFast]

According to all the websites I've read, your house should have already been auctioned off. Who knows what your Lender is doing! Maybe they had enough properties on their deficit balance sheet for the quarter and are waiting intentionally.

When the Lender gets ready to auction your house, you'll know. 30 days before the auction, you'll get a letter notifying you of the sale. The Sheriff will post a handbill on your home as well. The Lender is also required by Law to advertise the Foreclosure auction once a week for 3 weeks prior to the sale.

Since you're not in an active BK, I'd suggest you get out and look for places to move to. Find out who will and won't take you. Ask Landlords in advance what their Credit check policies are. You don't wanna was an application fee if the place won't accept tenants with a BK in their past.

You definitely wanna get yourself ready as you might have to move almost on a moment's notice.

[tlcemporium]

Tammy

According to all the websites I've read, your house should have already been auctioned off. Who knows what your Lender is doing! Maybe they had enough properties on their deficit balance sheet for the quarter and are waiting intentionally.

When the Lender gets ready to auction your house, you'll know. 30 days before the auction, you'll get a letter notifying you of the sale. The Sheriff will post a handbill on your home as well. The Lender is also required by Law to advertise the Foreclosure auction once a week for 3 weeks prior to the sale.

Since you're not in an active BK, I'd suggest you get out and look for places to move to. Find out who will and won't take you. Ask Landlords in advance what their Credit check policies are. You don't wanna was an application fee if the place won't accept tenants with a BK in their past.

You definitely wanna get yourself ready as you might have to move almost on a moment's notice.

Thank you for your advise. I did not know where to go from here, some people thought I should just sit tight and wait I know some one who states that the mortgage company took 3 years to serve them with the papers for the auction.

[tlcemporium]

saga continues

Ok, remember I said my bankruptcy was discharged in 2/06, I moved out in 4/06 I received the paperwork for the Sherriffs Sale, which was scheduled for 5/06. 5/06 the mortgage company postponed the sale for 6/06, then 7/06 postponed for 9/06, never took place, reschuled for 9/06, postponed again. Now I get a copy of a court order in the mail stating the mortgage company needs more time to figure out if there is an equity in the property before they will have another sale, but I am also told that I need to have insurance on the property because the deed is still in my name and I am also getting the sewage bills for the property and the town I live in is trying to sue me for not keeping the grass mowed? I am so confussed? If they do not sell the house can I move back into it? I mean if I have to insure it why shouldn't I live there? Help Please!!!

[BassBoy]

I have the same situation as you. I was discharged 02/06 and moved out 04/06. My house has not been auctioned off yet (Sheriff Sale set for 01/05/07). Anyways, until the house sells and the deed has been transferred (which is usually 30 days afterwards), you are responsible for insurance, and the serwer bill. You are also responsible for keeping up the yard maintenece.

You could move back into the house and stay until you receive the Notice to Vacate.

[SinkingFast]

Very logical point, TLC!

Yes you do have to maintain insurance on the property as long as the Deed/Title is in your name.

And the City/County can penalize you for not mowing the grass and such. Same with the sewer bills.

So you have a valid point. If you're gonna pay for all that, might as well live there rent free. But you'll be in the same spot again. Never knowing quite when you'll be required to move. If it's just you or you and your spouse/SO, that's one thing. If you're wagging kids along, that's a whole different picture.

Another thing you can do is offer the Lender a Deed In Lieu of Foreclosure. Saves them time and money on proceeding with a Foreclosure sale, and gets your name off the Deed/Title quicker too. The catch is, the Lender has to agree to accept the DIL.

Just a guess here, but based on your Lender's hesitation to Foreclose, they are wanting to limit their REO property on their balance sheet. REO = Real Estate Owned. They've probably had other Foreclosures and REO properties do not make Lenders look good to investors. That may be whats taking your Lender so long to proceed.

[HHM]

You may want to have a concuslt with an experienced foreclosure attorney...the bank cannot keep you in limbo foreever...if the house is going to be foreclosed and you are surrender the house, I think you can force the bank to accept a signed over deed if they are dragging their heels.

I thought once they hold the first auction, the property goes into REO status.

[tlcemporium]

The property has not been sold at all yet. But I did surrender the home to the mortgage company, heck they even came to the house and changed the locks on the front door. The sheriff here has said that the attorneys office for the bank sounded very hesitant at going to sale because there is no equity in the property. I do have a 9 year old daughter and do not want to move her more than I have to, but on the other hand how long do they have before they take the property?

[tlcemporium]

One more thing if they do not go through with the sale soon, then where does that leave the house? the deed is still in my name, can I sell the property?

[HHM]

Strictly speaking, they don't have to sell the house in order for the deed to change hands. What typically happens is the bank goes through the foreclosure process and schedules the auction, then holds the auction, if the house isn't sold at that auction, the BANK takes deed to the house and it becomes a REO (Real Estate Owned, by the bank).

Now, during the foreclosure process, everyone is correct...you must maintain insurance etc (because you still have deed)...but once that first auction date comes, the house is SUPPOSED to go out of your name, no matter what.

State law does vary, but something just doesn't seem right with what is going on. The bank assumes the risk of default, once default occurs, the bank simply can't wait around for market conditions to improve and keep you in limbo...the foreclosure process is generally ment to finite.

I think what they are probably concerned about is the house not being worth what is owed.

Again, something just doesn't seem right about this and if I were you, I would do a little research on the foreclosure process in your state or schedule a consult with a real estate attorney to discuss the mater (however, unlike your BK consult, this consult will probably not be free).

[SinkingFast]

I agree with HHM. Something sounds very wrong here.

PA is a Judicial Foreclosure State:

http://www.stopforeclosure.com/Penns...losure_Law.htm

With no Right of Redemption. Once the Sale takes place, the Owner cannot try to buy back the property.

But I also read something interesting at this website:

http://www.foreclosureuniversity.com...nnsylvania.php

The Lender can stop and restart the process. But according to the website above, the Lender can only do that once. Otherwise, the Lender has to get a Court Order.

Pennsylvania Foreclosure Sale Date:

Sales may be postponed once and rescheduled within the next 100-day period. Any other postponements require a Court order. Bidding instructions are required for all loans. Payment of all settlement charges must be made to the Sheriff within thirty days of the Sale or it may be declared null and void. Title and eviction information must be provided immediately after the Sale in order to calculate settlement charges.

I believe HHM's suggestion is a good one. You should Consult with a Real Estate Attny and get someone to see what's going on with your Lender.

[tlcemporium]

Thank you for your website listings, I am going to do some research, because I am so tired of being in limbo. When I filed for Bankruptcy and surrendered the home, the attorney I used told me to terminate all services and move out, so I did, but this nightmare continues. Any further advise or help would be appreciated and greatful...