Posted on: 30th Apr, 2012 03:22 am
it appears as if the property was surrendered in a chapter 7 bankruptcy in florida. however, still we have to go through the foreclosure process for the lender to get the deed. does that mean that the mortgage lender, in the foreclosure process, can retain the right to do a deficiency judgment? can he come after me after some years and ask for the unpaid mortgage amount? does that mean that the mortgage lender, in the foreclosure process, leave a foreclosure notice on the credit reports or will only the bankruptcy show up? will requesting the mortgage lender to do a short sale of a property that has been surrendered, will help me?
If you haven't reaffirmed the loan while you were in Chapter 7, then the lender won't have the rights to claim deficient amount from you. It will depend upon the lender whether or not he will report the foreclosure to the credit bureaus. In most of the cases, the lender won't report the foreclosure to the credit bureaus. You can apply for a short sale but it will be lender's discretion whether or not he will go for it.
Hi koni!
Welcome to forums!
I agree with Niicss that unless a reaffirmation agreement is signed between you and the lender, the lender won't be able to come after you to collect the deficient judgment after the property is sold off. The bankruptcy filing will definitely show up on your credit report. Whether or not the foreclosure will show up is the discretion of the lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with Niicss that unless a reaffirmation agreement is signed between you and the lender, the lender won't be able to come after you to collect the deficient judgment after the property is sold off. The bankruptcy filing will definitely show up on your credit report. Whether or not the foreclosure will show up is the discretion of the lender.
Feel free to ask if you've further queries.
Sussane