Posted on: 02nd Feb, 2010 07:22 pm
you filed a chapter 7 and included your home. The bankruptcy discharged 7/08 but in the mean time the mortgage company still have not taken possesion of the home and is trying to say you are still responsible for payment. Is this true? That was the whole purpose of filing is because I could no longer afford the home. I have no understanding why they won't take possesion they were included in the chapter 7.
Hi dbrooks,
If the home was included in bankruptcy and if it was discharged, you are no longer liable for the repayment of the loan. Did you reaffirm the mortgage while you were in bankruptcy Chapter 7. If you reaffirmed the loan, you will have to make payments towards it. But if you did not, then you are free from the liability of the mortgage. The lender can foreclose the property to satisfy the mortgage lien, but he cannot sue you for the deficiency.
If the home was included in bankruptcy and if it was discharged, you are no longer liable for the repayment of the loan. Did you reaffirm the mortgage while you were in bankruptcy Chapter 7. If you reaffirmed the loan, you will have to make payments towards it. But if you did not, then you are free from the liability of the mortgage. The lender can foreclose the property to satisfy the mortgage lien, but he cannot sue you for the deficiency.
Hi dbrooks,
As Jenkin has suggested, reaffirmation of the loan would make you liable for the mortgage dues. Signing the reaffirmation agreement have made you personally responsible for the loan. If you haven't reaffirmed the mortgage with your lender, then you can simply surrender the property to him. The lender would foreclose it and try to recover his dues.
Take care.
As Jenkin has suggested, reaffirmation of the loan would make you liable for the mortgage dues. Signing the reaffirmation agreement have made you personally responsible for the loan. If you haven't reaffirmed the mortgage with your lender, then you can simply surrender the property to him. The lender would foreclose it and try to recover his dues.
Take care.
Did you do your bankruptcy by yourself - without an Attorney?