Posted on: 27th Jul, 2010 06:19 am
I filed bankruptcy in 2007 keeping only a car and my home. I am struggling with notes and loan is escalating and was told I do not qualify for the remodification loan. I am at 26% and had to be over 31%. I am considering allowing my home to foreclose. What are the consequences to me since I kept home in a 2007 bankruptcy?
Hi cokelly,
I guess you did not include your car and home in your bankruptcy filing. In such a situation, if the lender forecloses the property, then you would be liable for paying the deficient balance resulting from the sale. Also, your credit report will have a negative affect. Your credit score would go down by 250 points.
I guess you did not include your car and home in your bankruptcy filing. In such a situation, if the lender forecloses the property, then you would be liable for paying the deficient balance resulting from the sale. Also, your credit report will have a negative affect. Your credit score would go down by 250 points.