Posted on: 13th Sep, 2010 09:14 am
HELP!! we want to stay in our home, but are being foreclosed over about 15k in back payments. I am not technically married to my co borrower, but we've been together 17 years and are both on the loan. If I file ch.7 bankruptcy will it delay or stop the foreclosure? Thanks for ANY help...
Hi!
Welcome to forums!
If you file chapter 7 bankruptcy, you will be able to stop the foreclosure for the time being. If you reaffirm your mortgage payments, then you would become personally liable for the mortgage balance. If you do not reaffirm, then you can surrender the property to the lender who can foreclose it to recover his balance payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you file chapter 7 bankruptcy, you will be able to stop the foreclosure for the time being. If you reaffirm your mortgage payments, then you would become personally liable for the mortgage balance. If you do not reaffirm, then you can surrender the property to the lender who can foreclose it to recover his balance payments.
Feel free to ask if you've further queries.
Sussane