moonlightpeg Posted March 28, 2012 Report Share Posted March 28, 2012 I went through Chapter 7 Bankruptcy over a year ago. At the time I had a mortgage and an equity loan on my house. I did not reaffirm these loans, but continued paying on them until this month. Now I need to leave the house, and am unable to sell it because I am too far underwater. Looks like I will have to stop paying the mortgage and other loan. I am not sure what will now happen. How long may I expect the foreclosure to take? Link to comment Share on other sites More sharing options...
Denita Posted March 28, 2012 Report Share Posted March 28, 2012 Average time for F/C here in S Fl is 2 yrs or so. I have seen them take longer though.Do a short sale. It's quicker to recover and pretty much a slam dunk after you have a discharged Bk. Takes 60 to 120 days on average for most short sales in our area with an experienced short sale team. Link to comment Share on other sites More sharing options...
LearningasIgo Posted March 29, 2012 Report Share Posted March 29, 2012 Top five states with longest timelines to foreclosure: 1. New York, 986 days 2. New Jersey, 974 days 3. Florida, 748 days 4. Maryland, 594 days 5. Connecticut, 584 days Source: RealtyTrac Why a "short sale"? If funds are low, then staying put and fighting the good fight seems well worth the effort. Above all, investigage the pros and cons, first. Link to comment Share on other sites More sharing options...
Denita Posted March 29, 2012 Report Share Posted March 29, 2012 I thought the OP said he had to leave....in his original post.If he doesn't have to leave that's a different story. Link to comment Share on other sites More sharing options...
LearningasIgo Posted March 29, 2012 Report Share Posted March 29, 2012 I thought the OP said he had to leave....in his original post.If he doesn't have to leave that's a different story.Yes, I see where that interpretation is viable. The interpretation I was workig with was that the OP had to leave because of the inability to meet the mortgage payments. If that's the case, go through foreclosure. And save, save, save.... Link to comment Share on other sites More sharing options...
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