What to do if our bank still hasn’t foreclosed on our home and our bankruptcy has been discharged?

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What to do if our bank still hasn’t foreclosed on our home and our bankruptcy has been discharged?

We filed Chapter 7 bankruptcy in 02/09; discharged in 07/09. We moved out of the house at that point since we weren’t going to keep it. Bank still hasn’t foreclosed on the house. What if anything can we do to speed up the process. At some point we would like to buy another house.

Asked on November 4, 2010 under Bankruptcy Law, Georgia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am not sure that there is anything that you can do to speed up the process.  Foreclosures are backed up in their own right and adding those as a result of bankruptcy filings, well, there just is not enough time in a day.  I read at one point that it can take up to two years for a bank to foreclose after a bankruptcy is discharged.  So the best advice I can offer is to call the bank and find out what their best guesstimate is on the matter.  Maybe you can ask about a deed in lieu of foreclosure (where you tun  the house over without the need to formally go through the foreclosure procedure)?  Remember about the deficiency waiver. Good luck.


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