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lourdesarias20 · Joined: 19 May 2009 Posts: 1 1.35 Dollars($)

I am going to file chapter 13 and I do not want to keep the house. Unfortunately I will have a deficiency once it goes to auction. Can the bank take out a loan in my name for the deficiency? How will the foreclosure and chapter 13 affect me credit is it a double hit?

jenkin7 · Posted: Tue May 19, 2009 11:10 pm Post subject:

Hi lourdesarias,

Most people file chapter 13 to avoid foreclosure and keep the house. It is a bit strange that you do not want to keep the house, yet you are going to file chapter 13. A chapter 13 combined with a foreclosure is going to ruin your credit and it will be really difficult for you to get a mortgage after the bankruptcy discharge. As for the deficiency, the bank cannot take out a loan in your name.

Guest

My ex moved in next door. Things are getting a little crazy and I need to run. I am upside down on my house about 100k. I am afraid the bank will come after me. I went to a bankruptcy attorney and this was his suggestion.

Jessica · Posted: Wed May 20, 2009 6:22 am Post subject:

Hi Lourdes,

I'd rather advise you to keep your home since you've thought of filing Chapter 13 bankruptcy. It'll actually help you make payments on your mortgage through a 3-5 year plan as approved by your lender and the court involved.

If you file Chapter 13, it'll put an automatic stop to any legal actions against you. For instance, your lender won't be able to foreclose on your property. So, there's no question of a deficiency judgment while you're under Chapter 13 plan. Also, the bank would not take out a loan in your name to compensate for the deficiency payment even if there would have been a foreclosure filed by the lender. I feel the bankruptcy attorney has given you the right advice by suggesting that you file Chapter 13.

Regards,

Jessica

wealth2366 · Joined: 20 May 2009 Posts: 4 3.42 Dollars($)

[System detected duplicate content; converted into image. Thanks]

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Why they pasting copied on this forum ?
That means need strict rules for that.

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Dont want to keep the house