Posted on: 19th Mar, 2013 12:04 am
my chapter 7 bankruptcy filing completed 3 years ago. i included my home equity in it. i have been paying it to keep it current, but i am wondering since it was included in my bk, two things; if i apply for an additional mortgage at this time, will the home equity balance and payments have to be taken into account? and, if i were to sell my home for less than what is needed to pay the home equity, what happens to it? thanks
hi guest,
if you haven't reaffirmed the home equity loan when you were in bankruptcy filing, then you won't be liable for the payments. in such a case, if the property is sold off, then the lender won't come after you for the deficient balance.
take care
if you haven't reaffirmed the home equity loan when you were in bankruptcy filing, then you won't be liable for the payments. in such a case, if the property is sold off, then the lender won't come after you for the deficient balance.
take care