Posted on: 03rd Dec, 2012 01:12 am
I filed bankruptcy in 2007. I had to surrender my house at that time. Now my credit is reestablished and I'm ready to buy a new home. The problem is when I went to get pre-approved the lender tells me the house is still in my name. So I called my old lender to ask about it and they say they are not going to foreclose on the house. They say the only way they will release the lien is if I do a settlement, which I don't want to do. My current bank is telling me I have to wait until 3 years after they foreclose before I can get another mortgage. What if they never foreclose?
If they never foreclose, then things will be difficult for you. It will be better if you could go for the settlement. You should negotiate with the lender and get to know whether or not you will be able to settle the debt for a lower amount.
Hi Sassy!
Welcome to forums!
Unless you go for a settlement, it will be difficult for you to get rid of the property and the lien. In such a situation, I don't think you have any way out other than going for settlement.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless you go for a settlement, it will be difficult for you to get rid of the property and the lien. In such a situation, I don't think you have any way out other than going for settlement.
Feel free to ask if you've further queries.
Sussane