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  1. #1
    Join Date
    Mar 2012
    Posts
    1

    Default Foreclosure After Bankruptcy

    My question involves bankruptcy in the state of: Texas

    My husband and I filed for bankruptcy last fall, and it is now finalized. There were several factors in our decision. One, we wanted to move out of our condo and put it on the market. We did move out (and in with friends), but found out we would not be able to sell it due to foundation issues. Our HOA is in charge of fixing foundation problems, but they refused to do so, even after an engineer (they hired) told them it was necessary. We were unable to keep up with our mortgage payments and HOA dues (330/month) due to me being unable to work because of an illness. Therefore, we filed a chapter 7. Now, the bank does not want to let us sign the deed back over, but wants to go through the foreclosure process. This is my question...can they come back and ask for the difference between what we owed and what they get for the property? Also, our attorney advised us to cancel the insurance and stop paying the HOA dues last fall. Is this a problem? I don't want to be sued, and don't want this to be any more trouble than it's already been. I have asked my attorney these questions, but I sometimes feel I'm not getting a straight answer. Thanks.

  2. #2
    Join Date
    Sep 2010
    Posts
    341

    Default Re: Foreclosure After Bankruptcy

    Quote Quoting finleys05
    View Post
    can they (the bank) come back and ask for the difference between what we owed and what they get for the property (at the foreclosure)?
    No. Assuming you did not sign a Reaffirmation Agreement (doubtful that you did), the debt was discharged. The lender gets the property but has no monetary claim against you for the debt.


    Quote Quoting finleys05
    View Post
    our attorney advised us to cancel the insurance and stop paying the HOA dues last fall. Is this a problem?
    I have no issue over the insurance but I have a BIG issue over the advice you say that was given relating to post petition HOA dues. 11 USC 523(a)(16) specifically excepts from discharge dues/fees/assessments that come due after your filing date until such time as title to the property is out of your name, usually by some sort of sale or foreclosure. If you fail to pay at some point the HOA will sue you.

    Des.

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