I was discharged with BK 7 in 5-2011. I did not reaffirm my house but continue to live in it and have never been late on my mortgage. I now want to sell my house, which is not underwater. I could make a small return on it because I've made a lot of improvements in the 7 years I've lived in it. I would hate to walk away without trying to sell it.
Does anyone know the issues I'll face in selling my home related to the BK and its effect on my ownership of the property, title, etc.? Bank of America is the lein holder.
Your BK discharged your debt but as you say, it leaves BOA's security interest in place. You've been making payments, do you have, or can you get from BOA as statement of your current balance? (I would be sure I had that before discussing selling the property with them).
Also, there's just the one lien, is that right?
As long as you pay the amount they claim on the lien you shouldn't have a problem. Many people are "underwater" and so have to navigate a short sale or walk away and take the hit of a late transfer of the deed in foreclosure.
BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012 Starting Score:11/16/2009EQ56611/16/2009TU538 Interim Score: 12/27/2012EQ68309/17/2012EX (lender)6701/01/2013TU701 Current Score: 11/06/2013EQ70811/06/2013EX 70211/16/2013 70211/06/2013TU729 Goal Score: EQ740EX740 TU740 Take the FICO Fitness Challenge