Posted on: 23rd Aug, 2011 01:52 pm
We filed bankruptcy and said we did not want to keep the house. Lawyer says mortgage discharged mortgage and the company cannot sue us. I am hearing many answers, can you help
Bankruptcy discharged our debt. Lawyer says the bank cannot sue us.
it depends on the type of loan you had, whether is was a mortgage or a deed of trust. some states allow for deficiency judgments and some do not. what state are you in? is the loan that was foreclosed a refinance loan, or the original loan you purchased the home with?
hi guest,
i'm assuming that you filed chapter 7 bankruptcy and you did not reaffirmed the mortgage when you were in bankruptcy. if this is true, then you can surrender the property to the lender and he can foreclose it but he won't be able to come after you for the deficient balance as you haven't reaffirmed the debt.
thanks
i'm assuming that you filed chapter 7 bankruptcy and you did not reaffirmed the mortgage when you were in bankruptcy. if this is true, then you can surrender the property to the lender and he can foreclose it but he won't be able to come after you for the deficient balance as you haven't reaffirmed the debt.
thanks