Posted on: 20th Apr, 2012 01:27 pm
i did not sign a reaffirmation agreement when i filed 2 1/2 yrs ago but have never had a late payment. my credit score is good now but lenders will not refinance because of that. can i sell my home? what happens to the equity? would i ever be able to refinance in the future? thanks!
Hi kjp,
As you haven't reaffirmed your mortgage, you won't be able to refinance your mortgage as you're not liable for paying it off personally. You can surrender the property to the lender who can sell it off and recover his dues. If there is some excess amount from the sale proceeds, then it will be given to you.
As you haven't reaffirmed your mortgage, you won't be able to refinance your mortgage as you're not liable for paying it off personally. You can surrender the property to the lender who can sell it off and recover his dues. If there is some excess amount from the sale proceeds, then it will be given to you.