What is the 60 day club really about . . .

[Flowers]

I understand that the trustee will most likely abandon his interest in my home.
And I will have to get official documentation from him.

Once this happens, is Chase free and clear to take it, sell it, or even negotiate with me on the rate, re-payment plan?

Or does Chase have to wait til the discharge at the end of the 60 days?

Thanks all.

[FloridaGuy]

Hhhmmm.

I had not followed any of your other posts. Can you give more details, like are you current on payments, etc. You had not intended to surrender it, etc.

[Flowers]

I owe many many months of payments and my lawyer had instructed me not to pay any bills prior to filing except for utilities etc.

Once the BK was filed, the mortgage company would not discuss anything with me unless the trustee ok'd it. Well now it seems the trustee will be abandoning his interest in the property.

No equity in the home, purchased for $615,880 with 20% down and a awful 10% rate.
Payoff for the home is $533,000 and the value of the property with the home prices now it is a wash, thus I had a no asset case.

Chase has offered to do a Loan Modification where I pay 20% of the arrears and then they lower my rate to 5.25% and put the balance of the arrears at the end of the mortgage.

Only problem is = I will not have that 20% until May 1.
So far, I am considered in foreclosure, but there is no For Sale date nor have I been served with Intent to Foreclose paperwork.