Posted on: 28th Mar, 2010 09:35 am
We had a discharged bankruptcy in 2006 and reaffirmed our mortgage. Due to a job loss of my husband in 2008 the bank was going to foreclose, during the foreclosure they closed the case and charged off our mortgage. they said they did not want it. We are still here and have heard nothing from anyone. We have not paid anything. We do not even get a statement. What do we do?
Hi kaljoe,
Since you reaffirmed the mortgage through bankruptcy, you are liable to pay it off. I'm not sure why the lender did not want to pursue foreclosure. But since they have charged off the debt, it does not necessarily mean they will not come after you to collect it. They might have sold it off to a collection agency that can come after you to collect it. However, till the time they come after you for the remaining balance on the mortgage, you can stay in the property. As you do not have to make the mortgage payments, you can afford to save come money to purchase a new house.
Since you reaffirmed the mortgage through bankruptcy, you are liable to pay it off. I'm not sure why the lender did not want to pursue foreclosure. But since they have charged off the debt, it does not necessarily mean they will not come after you to collect it. They might have sold it off to a collection agency that can come after you to collect it. However, till the time they come after you for the remaining balance on the mortgage, you can stay in the property. As you do not have to make the mortgage payments, you can afford to save come money to purchase a new house.