Posted on: 25th Jan, 2011 08:22 pm
We bought our home in 2006. We filed for Ch 13 in 2008 then converted it to Ch7 in early 09. What we didnt realize was that it would discharge us from the loan for the house as well. So we have been making our normal payments on time since thinking we were helping our credit score which is not the case. We asked our attorney and mortgage company they told us we would have to reapply for a home loan for the house we currently live in..Our attorney also said we are not finacially responsable for the house either. Any equity I have would be ate up by realtor fees so can i just go buy a new home and walk from this one? It doesnt show up on my credit report anymore.
welcome stangt,
as you haven't reaffirmed the loan in your chapter 7 bankruptcy filing, you're not personally liable for the loan. you can surrender the property to the lender and he may foreclose it to recover his dues. you can apply for a new mortgage in order to buy a new home.
as you haven't reaffirmed the loan in your chapter 7 bankruptcy filing, you're not personally liable for the loan. you can surrender the property to the lender and he may foreclose it to recover his dues. you can apply for a new mortgage in order to buy a new home.
I agree with you adonis, this is the best option you can have and can buy a new home.I f you need any help regarding apartment or accommodation you can seek my help too.
Good luck.
Good luck.