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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
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Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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We are post discharge on our Chapter 7 bankruptcy, our home

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We are post discharge on our Chapter 7 bankruptcy, our home was included in our bankruptcy. Our first mortgage company has started foreclosure proceedings, but hasn't gotten very far (we've recieved the first notice but almost 60 days later we've had no further communication about it). We have moved out and would like to do a deed in lieu or a short sale on the house to keep it from degrading and feeling like we need to keep it up. I have had the initial conversation with our mortgage company and they said it would be possible to do a deed in lieu or even a short sale but we would have to put the house on the market for at least 90 days. This is also ok with us, since we no longer live there selling it is not an issue. However the paper work that the mortgage company sent us asks us for our current financial information, past taxes, etc. We're not comfortable giving this and don't feel it's their business at this point. What do we do?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 4 years ago.
You can do a deed in lieu if the lender is willing to accept one. If you have a buyer, you can always propose a short sale, whereby the lender would agree to take less, to avoid or minimize the costs of foreclosure. Both would be up to the lender. Until it is transferred, you are correct in that you have the obligation to maintain the property in good repair, otherwise the city/town could fine you. You can provide the information if you think it will facilitate the deed/short sale, I would remind them though that the debt was discharged in the chapter 7, which usually makes it easier for the lender to accept a short sale.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2448
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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