What to do about a bankruptcy and foreclosure?

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What to do about a bankruptcy and foreclosure?

My husband filed for Chapter 7 bankruptcy 6 years ago. He was approved that everything be cleared from his name, including his foreclosure. The house went to sherriff’s sale but never sold. That was 5 years ago. Now the house or deed is still in his name. The bank never transferred it into its name or whatever is supposed to happen to finalize the foreclosure to get everything out of his name. We’re guessing that the bank has his loan but his loan is being serviced by a loan modification company. We’re confused and just want this deed out of his name and the almost 6 year old foreclosure to finalize so we can move on with our lives. We can’t get another home without this.

Asked on January 3, 2013 under Bankruptcy Law, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The problem that you have despite the prior bankruptcy filing is that the secured lender on the home has not foreclosed upon it. I suggest that you and your spouse consult with a real estate attorney to write a lender to the holder of the secured loan to either accept a deed in lieu of foreclosure of foreclose on the unit so you can move on. Possibly the lender may want to foreclose and then sell you back the unit.


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