Posted on: 31st Jan, 2013 01:06 am
declared chapter 7 in 2010 and did not reaffirm the loan. the second mortgage is current. but it is becoming difficult for us. will we be able to stop the payments? if we stop, will that lead to foreclosure?
If you haven't reaffirmed the loan, then you're not personally liable for it. You can stop the payments. But this will lead to the foreclosure of the property and the foreclosure may get reported to your credit report.
Hi Guest,
It will be your discretion whether you will stop the payment or not. If you stop the payment, then the lender has the rights to foreclose the property.
Thanks
It will be your discretion whether you will stop the payment or not. If you stop the payment, then the lender has the rights to foreclose the property.
Thanks
It's completely your call. However, foreclosure is definitely a possibility if you stop payments.