Posted on: 21st May, 2012 01:56 am
i need to ask whether a property that has been surrendered in a chapter 7 bankruptcy in florida still will have to go through the foreclosure process for the lender to get the deed? does that mean that the mortgage lender, in the foreclosure process, can retain the right to do a deficiency judgment? can the lender come after me for deficient balance? does that mean that the mortgage lender will leave a foreclosure notice on the credit reports or will only the bankruptcy show up?
Hi Babylon,
After you have surrendered the property, the lender will foreclose it in order to recover the debts. If you haven't reaffirmed the mortgage, then the lender won't come after you in order to recover the deficient balance. Mortgage lender may or may not report the foreclosure to the credit bureaus.
Thanks,
Jerry
After you have surrendered the property, the lender will foreclose it in order to recover the debts. If you haven't reaffirmed the mortgage, then the lender won't come after you in order to recover the deficient balance. Mortgage lender may or may not report the foreclosure to the credit bureaus.
Thanks,
Jerry
Hi Babylon!
Welcome to forums!
To know all about Chapter 7 bankruptcy, you can check out the given page: http://www.mortgagefit.com/bankruptcy/chapter7.html .
Sussane
Welcome to forums!
To know all about Chapter 7 bankruptcy, you can check out the given page: http://www.mortgagefit.com/bankruptcy/chapter7.html .
Sussane