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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2830
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I filed Ch 7 bankruptcy in 2008 and recieved discharge in 2009.

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I filed Ch 7 bankruptcy in 2008 and recieved discharge in 2009. I had to surrender all of my rental properties. The trustee handling the case abandoned interest in all the properties. 2 properties have yet to be foreclosed on. The local county dropped one of the foreclosure cases due to lack of prosecution. Would I be in a position at this point to negotiate with the lender(s) to keep the property even though they were surrendered in bankruptcy?

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

They are always your properties until the foreclosures are completed, so you are free to negotiate repayment, or even sell them if you wish. If you don't want them, the bank may even let you do a deed in lieu of foreclosure.

Terry L. :

The bankruptcy discharged your obligation to pay the mortgage, but the foreclosure clears the liens to pass clear title on to the buyer. Feel free to contact the bank, loan modifications or refinancing are possible options

Terry L. :

let me know if you have any other questions. thanks and good luck.

Terry L. :

please click accept so Just answer can close the question and I get credit for answering. thanks!
Terry

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