Posted on: 05th May, 2012 04:10 pm
i filed a chapter 7 bankruptcy in 2010 and did not reaffirm my mortgage for my condo; however, i asked for a loan modification at least 4 different times over the last year but mortgage company denied my request. i sent a hardship letter (medical) along with all of the info the mortgage company asked me to submit. three of the four times i was denied a modification because i have a student loan (which is in deferment because i still attend school). the fourth time i was told that i was denied because there is a lien on the property. i tried to sell the property for an entire year before i filed bankruptcy and over the last year but to no avail-i was seriously ill and the condo was shown only about 5 times. now the mortgage company tells me i can't get any help from them but they still won't foreclose and i will be retiring for health reasons and leaving the area for an extended period of time. what can i do! the hoa is on my back and the attorney had me sign a promissory note during the time of my illness even though i told him i couldn't pay what he wanted. i don't know what to do and i feel trapped but i want to pay what i owe to the hoa but i just can't pay what the attorney wants and i need to move for health reasons!! do i have a recourse or will i have my social security and pension garnished?
hi kellai,
your social security income and your pension won't be garnished by anyone. they are exempted from garnishment. you can once again list the property in the market and try to sell it off. however, if you wish, you can even contact your lender and apply for a deed in lieu of foreclosure. this will help you in getting rid of the property and you won't be liable for paying any deficient balance to anyone.
your social security income and your pension won't be garnished by anyone. they are exempted from garnishment. you can once again list the property in the market and try to sell it off. however, if you wish, you can even contact your lender and apply for a deed in lieu of foreclosure. this will help you in getting rid of the property and you won't be liable for paying any deficient balance to anyone.
Hi Kellai!
Welcome to forums!
If you have filed bankruptcy, then you can surrender the property to the lender who can sell it off and recover the debts. If you don't reaffirm the mortgage, then you won't be liable for paying anything to the lender. Moreover, the lender won't be able to come after you in order to recover any deficient balance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you have filed bankruptcy, then you can surrender the property to the lender who can sell it off and recover the debts. If you don't reaffirm the mortgage, then you won't be liable for paying anything to the lender. Moreover, the lender won't be able to come after you in order to recover any deficient balance.
Feel free to ask if you've further queries.
Sussane