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  1. #1
    Join Date
    Dec 2007
    Posts
    3

    Default Motion For Deficiency

    I live in Ohio, filed a Chapter 7, in the Chapter 7, my property (condo) was surrendered to the Trustee. The Chapter 7 was discharged. The Trustee was unable to sell the property. The property then went into foreclosure and sold at sheriffs sale. Now the bank has filed a "Motion for Deficiency". Do I owe the money? What should I do?
    Poorme

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Motion For Deficiency

    The procedure should be this:

    1. You seek to surrender the property in your Chapter 7 bankruptcy;
    2. The trustee investigates to see if there is equity in the home;
    3. If the trustee determines that there is no equity, the trustee files a Notice of Abandonment;
    4. With the trustee having abandoned any claim to the property, the lender proceeds with foreclosure. Even with a deficiency, your obligation would be discharged.

    I do not know what is happening in your case - only what should be happening - and I cannot explain a motion for deficiency under the facts you have given. Talk to your bankruptcy lawyer.

  3. #3
    Join Date
    Dec 2007
    Posts
    3

    Default Re: Motion For Deficiency

    I was hoping to avoid having to hire an attorney.
    Should I contact the bank or just go to the hearing with my discharge papers?

  4. #4
    Join Date
    Dec 2007
    Posts
    3

    Default Re: Motion For Deficiency

    After closer reading of the materials...it is my former condo association suing for maintenance fees plus interest.

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