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Roger
Roger, Attorney
Category: Bankruptcy Law
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I received a chapter 7 in pa. on10/19/11

Customer Question

I received a chapter 7 in pa. on10/19/11 the bank has not foreclosed on my fl.house. my lawyer said they would. How can I give the house back?Will I owe HOA or taxes?


 


 

Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Roger replied 1 year ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for your question.

Unfortunately, you are legally responsible for your HOA dues UNTIL the property is foreclosed by the lender because the property is still technically/legally owned by you until the foreclosure sale occurs. Thus, you are responsible for the HOA fees.

The property taxes are a little different because taxes are assessed against the property and not against you individually. So, if the property taxes aren't paid, the county/city will sell the property for the taxes due in a land sale. The county/city will not sue you for the debt - - instead, the property stands to be sold in order to generate enough money to satisfy the taxes. Thus, you don't have to worry so much about the taxes, and the lender will USUALLY pay the taxes to prevent someone else from coming in and claiming an interest/lien on it's collateral.

The best way to avoid having to continue paying the HOA dues is to offer the lender a deed in lieu of foreclosure, which is actually when the property transferred peacefully back to the lender via deed. This transfers title and puts the lender on the hook for the fees since it's the new owner.

Otherwise, you will be on the hook for the fees, and the HOA can sue you if you don't pay - - which could make the need to file bankruptcy a reality.

The best thing is to offer the lender a deed in lieu and see if it is interested in taking it.

Customer: replied 1 year ago.

I received a bankruptcy and listed HOA and give the house back. which my lawyer said they would foreclose on. not yet.Should I do a deed in lieu of foreclosure and do I do it at bank or get a lawyer?







 

Expert:  Roger replied 1 year ago.

Ok. Thanks for the additional information.

Your obligation to repay the mortgage should have been discharged through the bankruptcy, BUT you are still responsible for all HOA dues and assessments that become due after filing the bankruptcy because this is debt not included in your case.

Thus, in order to stop the bleeding on your end, you need to offer the lender a deed in lieu of foreclosure. You should ask your attorney to contact the bank and ask if it will accept a deed in lieu. Hopefully, it will agree to accept the deed in lieu and you can put this behind you.

Customer: replied 1 year ago.

Is a deed in lieu of foreclosure the only quick way to give back the house?

Expert:  Roger replied 1 year ago.
Yes. Otherwise, you will have to wait and allow the lender to foreclose.
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26143
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by West
Roger and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

can I go to the bank and do a deed in lieu of foreclosure at the bank?

Expert:  Roger replied 1 year ago.

Yes, you can contact the bank directly and ask if it is willing to accept a deed in lieu of foreclosure.

The lender must be willing to accept the deed in lieu on order for this to be accomplished.

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