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Some time ago I filed for bankrupcy (dismissed), my condo was

Customer Question

Some time ago I filed for bankrupcy (dismissed), my condo was included, but I stayed in condo and continued to make payments and assessments. Condo up side down. Found out that I am no longer responsible for the loan, etc. even through I am still listed as owner as long as I continue to pay loan. I asked bank to modify loan to current market, but they would not refinance, said that I would have to have a modification. I have completed this process and was denied. They are saying that I can do a short sale or forclosure. How long does the forclosure proceedure take, as I am thinking of staying for awhile and saving my money. I am continuing to pay the monthly assessments.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Pro replied 1 year ago.

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I don't understand the part about, "Found out that I am no longer responsible for the loan, etc. even through I am still listed as owner as long as I continue to pay loan."

Can you explain that since the bankruptcy was dismissed and you weren't given a discharge?
Customer: replied 1 year ago.


The bankrupcy was discharged, however, I continued to live in the condo and pay the monthly mortgage and assessments. I started receiving a notice on my monthly mortgage statement that since the loan was discharged in bankrupcy, that I could not be held liable for the loan, but if I stopped paying the monthly mortgage, that they would forclose on the property.

Expert:  Law Pro replied 1 year ago.
OK, I understand now.


I asked bank to modify loan to current market, but they would not refinance, said that I would have to have a modification. I have completed this process and was denied. They are saying that I can do a short sale or forclosure. How long does the forclosure proceedure take, as I am thinking of staying for awhile and saving my money. I am continuing to pay the monthly assessments.

 



Already Tried:
Applying for a modification, of which I was just notified that I was denied. That I should consider a short sale or forclosure.

 

My answer is going to be based on what state this is going on in?

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