Although the lien is more than the value of the property, the bank has the ability to accept less than the value to remove it - this is similar to a short sale.
Contrary to what many think, it is not a Bankruptcy attorney's responsibility to make sure property is sold, especially since there is absolutely nothing that can be done to "force" a bank to foreclose and sell property.
The bank can foreclose (not "take") the property at any time - but they must first go to court for a foreclosure proceeding, which can easily take years. Most banks have many mortgages that need to be foreclosed, and they are having a hard time keeping up with the backlog. Additionally, they know the housing market is currently depressed, so there is no rush to have foreclosure sales, as few are buying in these sales.
Even if you rent the property, you still do not have to pay the bank.
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