Posted on: 22nd Nov, 2013 04:38 pm
Hi :-)
My boyfriend recently went through bankruptcy and had our investment property in Florida's loan discharged. I called the mortgage company to make sure my credit would not be effected and they said since we did not reaffirm the loan that they are no longer reporting payments to the credit bureau and that the loan is discharged. I pulled my credit report and it still shows the loan, that I'm current on payment but there is no reporting the last 2 months. My boyfriend's credit report says dK.
The bank said I don't have to pay since the loan is discharged. Huh???????? I would love to walk away since it is so upside down but I don't want to ruin my credit. I assume if I don't pay it will show up as a foreclosure on my record right? What happens if I choose to sell it since the loan is discharged???
I'm confused??? Thanks for your help!!
My boyfriend recently went through bankruptcy and had our investment property in Florida's loan discharged. I called the mortgage company to make sure my credit would not be effected and they said since we did not reaffirm the loan that they are no longer reporting payments to the credit bureau and that the loan is discharged. I pulled my credit report and it still shows the loan, that I'm current on payment but there is no reporting the last 2 months. My boyfriend's credit report says dK.
The bank said I don't have to pay since the loan is discharged. Huh???????? I would love to walk away since it is so upside down but I don't want to ruin my credit. I assume if I don't pay it will show up as a foreclosure on my record right? What happens if I choose to sell it since the loan is discharged???
I'm confused??? Thanks for your help!!
Welcome suzyQ,
Yes, as you have not reaffirmed the mortgage, you will not be personally liable for making the payments. In such a situation, you can surrender the property to the lender and walk away from it. If the property is foreclosed, then it may get reported to your credit report.
Yes, as you have not reaffirmed the mortgage, you will not be personally liable for making the payments. In such a situation, you can surrender the property to the lender and walk away from it. If the property is foreclosed, then it may get reported to your credit report.
Hi suzyQ!
Welcome to the forums!
If you haven't filed bankruptcy and if your name is mentioned on the mortgage docs, then you will be liable for the mortgage payments.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If you haven't filed bankruptcy and if your name is mentioned on the mortgage docs, then you will be liable for the mortgage payments.
Feel free to ask if you've further queries.
Sussane