Posted on: 28th Aug, 2009 07:39 am
My husband and I filed bankruptcy in 2008. He bought our current home in 2006 in his name only. We have kept making our mortgage payments. We paid 67,000 for our 1.67 ac lot with a 3/2 mobile home, attached 2 vehicle carport and seperate workshop building,currently owe around 61,000 ...my husband has received a promotion however the job is in a town about 1 hr away from home...we had originally thought about him just driving back and forth, but after really looking at our finances and situation, it is more beneficial if we were to just move...the only thing we are worried about is our home as we're just trying to rebuild our credit, we are worried that we won't beable to sell our home, with the market and all, and will be forced to just let the house go, as we cannot afford 2 different house payments. We need help in determining a plan that will help us sell or take care of this issue as quickly as possible
welcome giani_briones,
what type of bankruptcy did you file? if you filed for chapter 13 bankruptcy, then you must be paying off the mortgage dues as per your repayment plan. if you wish to sell off the property, you should inform your lender about it or apply for a deed in lieu of foreclosure.
if you filed for chapter 7 bankruptcy and reaffirmed the debts, then you would have to take the same steps. however, if you did not reaffirm your debts, then you won't be responsible for the mortgage anymore. you can surrender the property to the lender and he would sell it off to recover his dues.
a deed in lieu of foreclosure would badly affect your credit score. it would lower your credit score by 250 points and you won't be able to buy a property for the next 3-4 years. if you go for a short sale, then your credit score will get lowered by 80-100 points but you would be responsible for the deficient amount.
what type of bankruptcy did you file? if you filed for chapter 13 bankruptcy, then you must be paying off the mortgage dues as per your repayment plan. if you wish to sell off the property, you should inform your lender about it or apply for a deed in lieu of foreclosure.
if you filed for chapter 7 bankruptcy and reaffirmed the debts, then you would have to take the same steps. however, if you did not reaffirm your debts, then you won't be responsible for the mortgage anymore. you can surrender the property to the lender and he would sell it off to recover his dues.
a deed in lieu of foreclosure would badly affect your credit score. it would lower your credit score by 250 points and you won't be able to buy a property for the next 3-4 years. if you go for a short sale, then your credit score will get lowered by 80-100 points but you would be responsible for the deficient amount.
Well we filed Chapter 7, unfortunately, the attorney we chose to help us with the bankruptcy was not very informative and did not let us know what was really going on with everything. My husband was never asked to sign any reaffirmation agreements for any outstanding creditors, we have just simply continued to make our monthly payments. How do we know if the debt was reaffirmed? our monthly statement, still shows the mortgage company's bankruptcy clause statement
Hi Giani!
Welcome back to forums!
You've mentioned that your husband was never asked to sign any reaffirmation agreement. In such a situation, I don't think your mortgage was reaffirmed. However, you can contact your lender and get to know if your husband had signed the reaffirmation agreement.
Feel free to ask if you've further queries.
Sussane
Welcome back to forums!
You've mentioned that your husband was never asked to sign any reaffirmation agreement. In such a situation, I don't think your mortgage was reaffirmed. However, you can contact your lender and get to know if your husband had signed the reaffirmation agreement.
Feel free to ask if you've further queries.
Sussane
my mortgage company filed bankruptcy and I lost my job almost one year ago in MI's bad economy - unable to find employment yet but looking - what are my options? Thank you.
Hi janebeshore,
I guess AHMSI was your lender. As they had filed for bankruptcy, some other lender had purchased their loan. You need to check out who owns your mortgage right now. Once you get to know that, you can either negotiate for a loan modification or check out the option of deed in lieu of foreclosure and sell off the property.
I guess AHMSI was your lender. As they had filed for bankruptcy, some other lender had purchased their loan. You need to check out who owns your mortgage right now. Once you get to know that, you can either negotiate for a loan modification or check out the option of deed in lieu of foreclosure and sell off the property.