Posted on: 19th Aug, 2010 01:26 pm
I WAS DISCHARGED IN APRIL FOR BANKRUPTCY CHAPTER 7 AND HAVE BEEN PAYING FOR MY HOME SINCE THEN. I DID NOT REAFFIRM THE DEBT, SO NOW I STOPPED PAYING. I AKED THE BANK IF I CAN DO A SHORTSALE AND THEY SAID THE PROPERTY IS NOT MINE BECAUSE I DID NOT REAFFIRM THE DEBT. SO CAN I DO A SHORTSALE OR NOT
Hi LLANOVICTOR,
As you did not reaffirm the loan, you're not personally liable for it. You can surrender the property to the lender who may either short sale it or foreclose it to recover his dues. However, you won't be liable for paying the balance dues resulting from the sale of the property.
Thanks,
Jerry
As you did not reaffirm the loan, you're not personally liable for it. You can surrender the property to the lender who may either short sale it or foreclose it to recover his dues. However, you won't be liable for paying the balance dues resulting from the sale of the property.
Thanks,
Jerry