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  1. #1
    Join Date
    Sep 2012
    Posts
    2

    Default Foreclosure Four Years After Bankruptcy

    My question involves bankruptcy in the state of: California

    Background:
    I was granted bankruptcy in 2008. I did NOT re-affirm the loan on the condominium, but I have stayed in the condo and paid the mortgage since the bankruptcy.

    My monthly statements from Chase say that the debt has been discharged and they are not attempting to collect, and the statement is for my "information" only.

    It is my understanding that continuing to pay the monthly amount will allow me to stay indefinitely.

    Well, the condo is worth about $150k right now, and the mortgage is for $200k at 6.0%. If I refinanced (not possible since the condo is underwater) the monthly payment would be a third less than it is now.
    I am considering just leaving and renting for the time being.

    My understanding is that the bank will not be able to sue/collect the mortgage debt any longer, but that they will "foreclose" on the condo if I stop paying.

    The "foreclosure" will be put on my credit report on the day the house is foreclosed, so instead of waiting 7 years from my bankruptcy to have good credit it'd be 7 years from the date of the foreclosure.

    I do not know if I'd have to continue to pay the HOA fees, and if so , for how long? Is it until the bank requires me to move? Or can it be until the bank actually sells the condo to someone else?

    I guess I'm just looking for an overview of the process.

  2. #2
    Join Date
    Sep 2010
    Posts
    361

    Default Re: Foreclosure 4 Years After Bankruptcy

    I cannot say how long it will take your lender to foreclose once you stop paying. You can live there until the process is completed. Nor can I comment on the credit report issue. I do, however, want to tell you that you MUST continue to pay all fees/dues/assessments associated with the HOA until the lender completes the foreclosure or you sign title over to it, say, as a deed in lieu of foreclosure. If you do not pay the HOA, at some point it will sue you. Post bk HOA fees/dues/assessments are the titled owner’s responsibility.

    Des.

  3. #3
    Join Date
    Sep 2012
    Posts
    2

    Default Re: Foreclosure 4 Years After Bankruptcy

    Quote Quoting despritfreya
    View Post
    I cannot say how long it will take your lender to foreclose once you stop paying. You can live there until the process is completed. Nor can I comment on the credit report issue. I do, however, want to tell you that you MUST continue to pay all fees/dues/assessments associated with the HOA until the lender completes the foreclosure or you sign title over to it, say, as a deed in lieu of foreclosure. If you do not pay the HOA, at some point it will sue you. Post bk HOA fees/dues/assessments are the titled owner’s responsibility.

    Des.
    I guess I need to figure out the timing. And hopefully once they force you out that ends your HOA responsibility, but I'll cross that bridge when I get to it.

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