Posted on: 27th Jan, 2011 11:13 am
I was discharged from chapter7 bankruptsy in colorado 2006. I did NOT reaffirm my mortgage to my first or second lender. I have continued to live in the home since and have continued to make my payments on time. However, I am recently disabled and unable to make the large mortgage payments. I contacted the attorney who handled my case and he informed me that I did NOT reaffirm the 2 mortgages on the property, and according to colorado law have no obligation to repay it. In otherwordes, I can simply walk away now without any repercussions financially & legally. Question, does anyone else know this to be true, and has anyone personally experienced this. Many Thanks
hi cyyoung,
in case of chapter 7 bankruptcy, if you don't reaffirm the mortgage, you're not personally liable for paying off the loan. you can surrender the property and walkaway from it. the lender will foreclose the property in order to recover the dues.
thanks
in case of chapter 7 bankruptcy, if you don't reaffirm the mortgage, you're not personally liable for paying off the loan. you can surrender the property and walkaway from it. the lender will foreclose the property in order to recover the dues.
thanks
Thanks for the input. I appreciate it.