Posted on: 14th Mar, 2010 01:50 pm
my husband and i filed chapter 7..it was discharged two years ago. we incluced our house in the bankruptcy but did not reafirm both a mortgage and home equity loan. our house is still worth less than what we owe so we would like to walk away from the property and purchase a new house..we have the the income and a downpayment but don't know if we have to report that we currently own? do we have to report our monthly payment ammount? we do pay the mortgage but have not been paying the home equity.[/img]
Hi jess,
If you have improved your credit score and have good income and down payment you can qualify for a new mortgage. However, most lenders would want you to wait for at least 2 years to qualify for a new loan. You can report the monthly mortgage payments on your taxes. Even though the debt has been discharged through bankruptcy and you have not reaffirmed the loan, the interest payments you are making towards the mortgage is tax deductible and you can claim the deduction on your taxes.
If you have improved your credit score and have good income and down payment you can qualify for a new mortgage. However, most lenders would want you to wait for at least 2 years to qualify for a new loan. You can report the monthly mortgage payments on your taxes. Even though the debt has been discharged through bankruptcy and you have not reaffirmed the loan, the interest payments you are making towards the mortgage is tax deductible and you can claim the deduction on your taxes.