Posted on: 23rd Feb, 2010 03:36 pm
We went through bankrupucy in Oct 2006. Our house was not reaffirmed. We have not paid for the last 3 months. If we walk away will this go against our credit. Should we do a deed in lieu or let the bank foreclose. We owe more than the house is worth. Our credit scores are now over 700 and we would like to get another mortage . Is this possible. So far our non payments have not shown up on our credit reports
Hi guest!
Welcome to forums!
As the mortgage is not reaffirmed, you can surrender the property to the lender. The lender will foreclose it in order to recover the dues. However, this foreclosure would affect your credit score but the lender will not be able to come after you in order to recover the deficient balance. If your property is foreclosed now, you won't be able to qualify for a new mortgage immediately.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the mortgage is not reaffirmed, you can surrender the property to the lender. The lender will foreclose it in order to recover the dues. However, this foreclosure would affect your credit score but the lender will not be able to come after you in order to recover the deficient balance. If your property is foreclosed now, you won't be able to qualify for a new mortgage immediately.
Feel free to ask if you've further queries.
Sussane