TN Foreclosure Timeline

[nioka]

I have read many articles that describe the foreclosure process. The odd thing is that there doesn't seem to be anything typical about the foreclosure process. One house may be foreclosed on immediately after BK discharge whereas some are ignored for years. I can understand a bank delaying foreclosure where HOA fees and high taxes are involved but doesn't that hurt more than help. It seems to me the longer a BK discharged homeowner stays in a surrendered home the greater the chance for more damage.

For the HO living in a home that the bank does not assume ownership can be financially beneficial. However they are responsible for paying the HOA fees, taxes, and HO insurance. Still that comes out to cheap rent. Furthermore the HO can use that period to begin and/or improve their credit score.

I bought my house under a federal guaranteed program. I wonder how Chase will pursue my house with the guarantee in place. I think that Chase would purse it aggressively. Anyone have any experience in this area?

[nioka]

I am the OP.

I had to replace the heat pump on this house as soon as I moved in. I financed it through a program with the electric company with a lien against the house.

Remaining in the house I will continue to pay the electric bill. However, the electric bill is a combination the actual electric bill and the loan payment. I will continue to pay the combination.

A friend brought up the issue of how the electric company was going to react. He said he thought they could repossess the heat pump itself because of my surrendering the house or foreclosure. I am not sure if they can do that as long as I continue to pay the combination bill.

Anyone with similar experiences? Your opinions are appreciated, thanks.