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How to sell house not reaffirmed in BK 7?

Contributor

How to sell house not reaffirmed in BK 7?

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.

 

 

Thank you.

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Valued Contributor

Re: How to sell house not reaffirmed in BK 7?

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:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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