Posted on: 20th Jul, 2011 07:19 pm
Due to medical injuries, we went through bankruptcy and our home loan was not re-affirmed. After the BK, we did a mortgage mod with Citi Mortgage.
But, now, my wife has lost her job due to company being sold and we are moving to another city for employment. While on unemployment, we fell into foreclosure and the loan amount now exceeds the value by $100k
My question is, since we did not reaffirm the loan, is a loan mod the same thing?. Also, if the mod is not a reaffirmation of the loan, will it show up on our credit as a enew loan and/or a foreclosure?
Thank you in advance for your assistance
But, now, my wife has lost her job due to company being sold and we are moving to another city for employment. While on unemployment, we fell into foreclosure and the loan amount now exceeds the value by $100k
My question is, since we did not reaffirm the loan, is a loan mod the same thing?. Also, if the mod is not a reaffirmation of the loan, will it show up on our credit as a enew loan and/or a foreclosure?
Thank you in advance for your assistance
Hi migraine,
As you haven't reaffirmed the mortgage in your bankruptcy filing, you're personally not liable for the mortgage payments. However, if you want to save the property from being foreclosed, you need to make the mortgage payments.
Loan modification is not same as the reaffirmation of a mortgage. However, if the lender forecloses the property it may show up on your credit report.
Thanks
As you haven't reaffirmed the mortgage in your bankruptcy filing, you're personally not liable for the mortgage payments. However, if you want to save the property from being foreclosed, you need to make the mortgage payments.
Loan modification is not same as the reaffirmation of a mortgage. However, if the lender forecloses the property it may show up on your credit report.
Thanks
Yes.