Attempting to purchase my house from the bank..

[Michael Tesluck]

I'm in this dilemma and cannot decide what to do. I'll try to quick and precise.

2 years ago, I went Bankrupt with the intentions on reaffirming my home that was underwater.

I owed 120,000 and the home was worth about 50,000. For my own stupid reasons, I didn't want to lose my home.

It's now been two years since my bankruptcy and I've been making my 1st and 2nd mortgage payments on time every month.

I was ready now to purchase a new home and rent my current one but when I tried to get a loan, my credit report showed that my 1st and 2nd mortgage was listed in collections due to Bankruptcy. He said it's possible that there was a mistake and to check with my lawyer to check that I did in fact reaffirm the house.

My lawyer verified that the reaffirmation forms did not get processed by the bankruptcy court, therefore the total amount discharged included my mortgages. So technically, the bank cannot come after me for these loans.

However, I've been living in this home for the past two years, (thinking I had reaffirmed), making my payments. I was told that it's not illegal for the bank to accept money from me that I willing pay. And that it is probably the reason the bank hasn't taken the home yet.

So now I'm thinking.. Since I do not have to pay, would I be able to negotiate a price for the home? The bank is going to end up taking over the home and go through the whole process of auctioning off which I hear banks don't like to do. Could I go to the bank and offer 20,000 for the home and they can save the time and money for taking over the home?

Is it worth my time? Would a bank entertain the offer? Who would I talk to at the bank?

Thank you,

Mike