GAMama4

Free at last! BK closed -- but when will foreclosure happen?

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We just got the wonderful news that our BK has been discharged AND closed. What a huge relief!!

Our next concern is the house. We did not reaffirm the debt on our mortgage, so I know that they (Chase) will now have to start foreclosure proceedings.

I'm wondering if they are able to notify us and post in the paper in November, how long we'll have in the house. I'm trying to figure out our next move, and how quickly we'll have to make it.

When Chase does foreclose, how quickly will we be made to leave the house after the actual proceedings on the courthouse steps?

Any ideas on how long this process will be? (We're in GA.) Our attorney guesstimates 2-3 months. Just wondering if anyone has any personal experiences. Thanks!

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I don't think there is any way to predict what these idiots will do.

My brother lost his business in the housing meltdown and had to stop making the mortgage payment. So did his neighbor about 5 houses away who both used the same mortgage company.

The neighbor was forclosed on in just a couple of months while my brother lived in the house for another 22 months.

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Agreed, it hard to tell. We actually stayed about 18 months before they got around to us, and then they actually paid us $3k to move out so they wouldn't have to pay thee court fees to evict us.

if you're so inclined...and have a place to go...you might call them and see what you can work out (in return for not trashing the place).

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Hard t say. Somewhere between 3 months and 3 years is likely. :wink:

ARe you in a judicial state? If so, when they serve you, answer the complaint. Additionally, even after the sheriff's sale you can live there until you get the boot.

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Remember also, you can do a short sale after your discharge.

Chase is very cooperative with most, not all, short sales now as it is easier and cleaner to deliver clear title with a short sale than with a f/c. In most instances the lender/servicer/investor makes more money in a short sale than in a f/c.

Contact an agent in your area that is experienced with short sales. Look for the CDPE designation (Certified Distressed Property Expert).

I have found short sales after a BK to be a slam dunk when the seller has all of their documentation and their discharge in hand. After all, you have already been discharged from the debt so now it is just a matter of getting the mortgage lien release. You might even end up with $$$ in your pocket if you qualify for HAFA.

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