What can we do after filing bankruptcy? 9 Answers as of May 01, 2011

We filed for chapter 7bankruptcy in 2009. The bank still hasn't foreclosed on the house. We would like to buy another house, but can't with this house in our name.

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Law Office of Larry Webb
Law Office of Larry Webb | Larry Webb
The banks are unpredictable. I have had clients try for a year or more to get the bank to consummate the foreclosure. In the practical world, use the time the bank is taking to sell the property to build up your cash reserve.
Answer Applies to: California
Replied: 5/1/2011
Indianapolis Bankruptcy Law Office of Eric C. Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
You need to continuously contact the bank to make arrangements for physical surrender and foreclosure.
Answer Applies to: Indiana
Replied: 4/27/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
This is a huge problem. Banks are not foreclosing on some properties and there is nothing you can do to make them do it. You continue to be responsible for code enforcement and in some cases the HOA fees.
Answer Applies to: California
Replied: 4/27/2011
Carballo Law Offices
Carballo Law Offices | Tony E. Carballo
Nothing you can do because even if you transfer the house to someone else the loan remains in your name. The banks normally will not take houses back but you can ask if they will take a deed in lieu of foreclosure. You must continue to keep the house insured if the bank has not taken out a policy on the house.
Answer Applies to: California
Replied: 4/27/2011
Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
You may be able to record a Deed in Lieu of Foreclosure.

Quit Claiming the property back to the Mortgage Company will take the property out of your name, and the Discharge from the Bankruptcy Court should show that you no longer have any obligations under the mortgage.
Answer Applies to: New Hampshire
Replied: 4/27/2011
    Saedi Law Group
    Saedi Law Group | Lorena Saedi
    This is an issue that we as bankruptcy attorney are seeing more and more due to the failed real estate market. Lenders are dragging their heels in foreclosing. If the property has not foreclosed you still legally own the property. You may want to reach out to the lender and offer a deed in lieu OR put the property on the market as a short sale.
    Answer Applies to: Georgia
    Replied: 4/27/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    That's a tricky situation. You can try to do a deed in lieu of foreclosure with the bank to get it out of your name. You can also try to sell it. Otherwise, there isn't much you can do.
    Answer Applies to: California
    Replied: 4/26/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    Contact the lender about a deed in lieu of foreclosure. Point out that their delay is prejudicing your present credit.
    Answer Applies to: California
    Replied: 4/26/2011
    Law Offices of Steven A. Wolvek
    Law Offices of Steven A. Wolvek | Steven A. Wolvek
    Contact the lender and see if they will accept a deed in lieu of foreclosure.
    Answer Applies to: California
    Replied: 4/26/2011
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