Posted on: 11th Jan, 2011 10:00 am
How Do you know when to get out??
In 2008 we bought our home...soon after in oct of 2009 we had to file bankruptcy (due to decline in job hours). Our Bankruptcy was dicharged in Oct of 2009...We did not do our homework correctly I suppose...Not knowing that our mortgage was never reaffirmed...We are not sure what to do...Mortgage is being paid every month...however, it is not being reported as a either bad or good credit to the credit bureau...And we seem to just keep sweating through making payments every month...Since the home does not have any positive value (do to the market decline)We do not know if we should just cut our losses and get out so that we can financial survive??? Will it hurt our credit any more since we already filed bankruptcy and the mortgage was on it???
Thank you,
Jame & Ron
In 2008 we bought our home...soon after in oct of 2009 we had to file bankruptcy (due to decline in job hours). Our Bankruptcy was dicharged in Oct of 2009...We did not do our homework correctly I suppose...Not knowing that our mortgage was never reaffirmed...We are not sure what to do...Mortgage is being paid every month...however, it is not being reported as a either bad or good credit to the credit bureau...And we seem to just keep sweating through making payments every month...Since the home does not have any positive value (do to the market decline)We do not know if we should just cut our losses and get out so that we can financial survive??? Will it hurt our credit any more since we already filed bankruptcy and the mortgage was on it???
Thank you,
Jame & Ron
Hi j_newpher,
As you did not reaffirm your mortgage, your mortgage lender is not liable to report the payments to the credit bureaus. Moreover, you're not liable for paying the mortgage. You can contact your lender and surrender the property. There are chances that it may affect your credit score to some extent as the lender will report the foreclosure to the credit bureaus.
Take care.
As you did not reaffirm your mortgage, your mortgage lender is not liable to report the payments to the credit bureaus. Moreover, you're not liable for paying the mortgage. You can contact your lender and surrender the property. There are chances that it may affect your credit score to some extent as the lender will report the foreclosure to the credit bureaus.
Take care.