Posted on: 30th Oct, 2013 12:29 pm
I filed for Ch 7 BK and had it discharged 4 years ago. Both my first and second mortgage were in the BK. I have NOT reaffirmed but I still live in the property. I have been making payments as best I can for the last 4 years. I am now behind and may need to leave the property. They already modified the first. With both loans, I am about $100k upside down. It is listed as a foreclosure on my credit. I know I am not liable for the debt but what am I liable for?? Should I do a deed in lieu? Can I buy a new house since the BK was over 4 years ago?? HELP!
Hi Fred!
Welcome to the forums!
If you haven't reaffirmed the loan, then you are not liable for paying anything. You can simply walk away from the property. The lender will foreclose the property and recover as much dues as possible. If the foreclosure does not get mentioned on your credit report, then you will be able to get a loan provided you meet all the required criteria of the lender.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If you haven't reaffirmed the loan, then you are not liable for paying anything. You can simply walk away from the property. The lender will foreclose the property and recover as much dues as possible. If the foreclosure does not get mentioned on your credit report, then you will be able to get a loan provided you meet all the required criteria of the lender.
Feel free to ask if you've further queries.
Sussane
Welcome Fred,
I agree with what Sussane has said. If the foreclosure is reported on your credit report, then you will not be able to qualify for a loan now.
I agree with what Sussane has said. If the foreclosure is reported on your credit report, then you will not be able to qualify for a loan now.