Posted on: 04th Feb, 2011 07:17 am
On our reaffirmed morgage statements, it says the debt was discharged in Ch 7. We are planning on moving, and with the lack of houses selling in this area, we are considering giving the keys back to the bank. What is our legal responsibility? Can the bank come after us? I understand it will be a foreclosure.. will our biggest hit be a drop in our credit score?
Hi lj,
if you have reaffirmed the mortgage payments, then you're personally liable for paying off the mortgage. If you walkaway from the property and the lender forecloses it, then the lender will come after you in order to recover the deficient balance. Also, it will have a negative affect on your credit score.
if you have reaffirmed the mortgage payments, then you're personally liable for paying off the mortgage. If you walkaway from the property and the lender forecloses it, then the lender will come after you in order to recover the deficient balance. Also, it will have a negative affect on your credit score.
ON our bank statement is says that the debt was discharged in the bankcruptcy and we don't to pay the loan. So are you sure they can come after is to collect the balance?
Hi lj!
Welcome to forums!
After a bankruptcy discharge, the lender won't be able to come after you in order to recover the deficient balance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After a bankruptcy discharge, the lender won't be able to come after you in order to recover the deficient balance.
Feel free to ask if you've further queries.
Sussane