Posted on: 29th Sep, 2011 12:38 pm
We just got approved for the trial modification, but the terms somehow do not look like it will be in our favor in the long run, the monthly amount is still pretty high and they can't guarantee that the amount will stay the same - higher or lower. We had filed BK back in 2009 and has been discharged. We had reaffirmed our mortgage. We stop paying almost 6 mos. ago. If BofA approves, would a short sale benefit us or should we just foreclose. Would we end up owing anything to BofA and are we liable for the property taxes, even though the mortgage shows on our credit report as being $0 balance and discharged??? Advise please
Hi jacksb!
Welcome to forums!
You can apply for a short sale with the lender. As you had reaffirmed the mortgage in your bankruptcy filing, then you will have to pay off the deficient balance resulting from the sale of the property to the lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can apply for a short sale with the lender. As you had reaffirmed the mortgage in your bankruptcy filing, then you will have to pay off the deficient balance resulting from the sale of the property to the lender.
Feel free to ask if you've further queries.
Sussane
Hello jack!
You need to consult with an attorney who can review your situation and explain your rights and options.
:idea:
You need to consult with an attorney who can review your situation and explain your rights and options.
:idea:
