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Chapter 7 Discharge, condo surrendered in petition, waiting on foreclosure

Denver, CO |

BofA sold our mortgage to Nationstar, Nationstar took over the same day as our discharge (12/4/2012). Is there any way for me to find out online if Nationstar has started the foreclosure process yet? I realize that foreclosures can take a long time in some cases. But I have a feeling that BofA sold our mortgage to Nationstar, so they will handle the foreclosure instead. I just want to know what the status is of the loan, can I call Nationstar and ask them? (Not to sound stupid, but I am not sure if they can even tell me legally). My husband and I are anxious to get our names off the deed, due to HOA fees we have to continue paying. We considered a Deed in Lieu, but Nationstar's website states that they will only do that if you have tried to sell your property for 90 days, to no avail

We have no interest in trying to sell the condo, as we are moving out at the end of the month. My husband's employer offered him a new position in another state, and we don't have the time or means to handle a sale of the condo, in order to do a deed in lieu. We're just hoping that Nationstar has already started the foreclosure process.

Attorney Answers 3

  1. It may take awhile for the Foreclosure process to begin based on how many foreclosures Nationstar is currently dealing with, the value of the condo, the state of the real estate market in your area, etc. You can definitely call Nationstar and explain your situation, it may be in their best interests to let you sign the Deed in Lieu since you will be abandoning the property. In addition, you should contact the HOA and be sure that they know you filed Bankruptcy and are surrendering the condo and will no longer be paying the HOA fees.

  2. Every day I see questions from people who thought they eliminated their debts and would soon have no obligation on real estate listed in their bankruptcy only to find out that the costs of home ownership go on & on after a bankruptcy. Better you should find this out before you move than years down the road like many others. Many people wish that their mortgage company would foreclose so they could put this chapter behind them, but the banks have been slow to respond in recent months. There is no way for you to hurry a foreclosure process along, so I typically urge people to consult local realtors regarding the possibility of a short sale or deed in lieu. The more info you can get from the lender/servicer, the better your decision can be. Hope this perspective helps!

  3. You have no way to force an early foreclosure, but you might be able to save the mortgage company some money by a deed in lieu of foreclosure...if you can find someone in the mortgage company to listen to you. You will be liable for the HOA dues until your name is off the title, and that can be a long time. You might contact a realtor that specializes in short sales who may be able assist you in this. Good luck!

    This general response is not intended to be legal advice because I don't have all the facts. The particular facts in each instance will change the recommendation significantly. Any statements made in your posting on Avvo are not protected by the attorney-client privilege because they are shared with third parties. I require a written contract for legal services, so an attorney-client relationship may not be presumed merely by my response to an Avvo posting.

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