I just checked the public records for our county and the lender has not filed anything to date. It is my impression that it would be a court filed paper and we would be served is that correct?
Response 1: Yes. Also, because you are still in bankruptcy, the lender must file a motion for relief from the automatic stay and obtain permission from the bankruptcy Court in order to proceed with a foreclosure sale of the property.
I am concerned because several times people have been on the property while we were away, just small things being moved, etc.
So even though there is a bankruptcy, they still have to foreclose?
Response 2: Yes
even though we said we were going to surrender?
Response 3: Yes
So since no foreclosure procedings are on file, I am to assume that they have not even done this yet and I have between 60-90 days?
Response 4: Yes
is that about right?
Response 5: Yes
If so, what a relief! I assumed that we would just be thrown out because we filed BK and indicated that we would surrender. No wonder I did not get anything from the Trustee regarding this. Now if they have to foreclose, will that go on our credit? because that foreclosure would be after the bankruptcy...we were filing bk to avoid a foreclosure...hope we did the right thing
Response 6: Depending on the lender, the fact that the mortgage has been foreclosed may be reported to credit reporting bureaus. Because you surrendered the property in your bankruptcy, your personal liability on the note would be extinguished when you get your bankrupt discharge in few weeks. Thus, the lender can NEVER come after you for any deficiency after the foreclosure sale. That is one of the benefits of your bankruptcy filing.