Posted on: 29th Jul, 2010 01:34 pm
I filed a Chapter 7 in Dec 2008. I petitioned to keep my house but everything was discharged and the house was not reaffirmed. I still make my monthly payments on time but have had so many problems with the house- I lost 1/2 of my home (Finished basement)when after a flood-the sellers did not disclose and hid black mold behind walls) 3 months to the day of purchase so I had been making due with 1/2 a home and gutted basement.
I was recently remarried, now a family of 4 and would like to start over. the value has dropped over $50,000 on what is owed and we are very frustrated.
I understand that I am not obligated to pay since the property was discharged and that the bank can foreclose on the house. We found a great property from a friend who is willing to wait until the date when my discharge will be 2 years. If the current house has already been discharged and it does foreclose or I request a deed in lieu 1) will the foreclosure/deed in lieu show on my credit report? and 2) will it prevent me from being able to get a mortgage for a new home?
We just want a fresh start and morally are not comfortable selling the house because of the problems we had and the fact that it is already discharged and would not sell for what is owed anyway. We really need guidance as our #1 goal is to get a mortgage for a new home for our family in a home that is 1) safe and 2) large enough for our growing family.
Thank you for your help!
I was recently remarried, now a family of 4 and would like to start over. the value has dropped over $50,000 on what is owed and we are very frustrated.
I understand that I am not obligated to pay since the property was discharged and that the bank can foreclose on the house. We found a great property from a friend who is willing to wait until the date when my discharge will be 2 years. If the current house has already been discharged and it does foreclose or I request a deed in lieu 1) will the foreclosure/deed in lieu show on my credit report? and 2) will it prevent me from being able to get a mortgage for a new home?
We just want a fresh start and morally are not comfortable selling the house because of the problems we had and the fact that it is already discharged and would not sell for what is owed anyway. We really need guidance as our #1 goal is to get a mortgage for a new home for our family in a home that is 1) safe and 2) large enough for our growing family.
Thank you for your help!
hi meghartmacy,
if your home goes for a deed in lieu of foreclosure or a normal foreclosure, it will be mentioned in your credit report as a negative item and may affect your chances of getting a new loan. however, your partner can qualify for a loan in his/her name.
thanks
if your home goes for a deed in lieu of foreclosure or a normal foreclosure, it will be mentioned in your credit report as a negative item and may affect your chances of getting a new loan. however, your partner can qualify for a loan in his/her name.
thanks
Just to clarify:
Even though the house is listed as discharged with a zero balance on
my credit report, if I give back the property to the bank and leave the home it will negatively affect my credit report?
Even though the house is listed as discharged with a zero balance on
my credit report, if I give back the property to the bank and leave the home it will negatively affect my credit report?
Once you leave the property and surrender it to the lender, he'll foreclose it. Once he forecloses the property, he may report it to the credit bureaus and that can have a negative affect on your credit report.