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Guest

We filed Chapter 7 bankruptcy in Sept 2006. After recently printing our credit report we found out that our mortgage and one of our car loans was included in the bankruptcy and shows a $0 balance however we have been paying on them ever since filing. We have a 2nd mortgage on the house so are basically $50-60,000 negative equity in the house. So now we face the decision - what is best? Walk away from the house since we will never get what we need out of it? Or add a foreclosure to our credit history that has already been damaged by a bankruptcy? So confused?

smithsussane · Posted: Wed Jul 28, 2010 10:22 pm Post subject:

Hi heather!

Welcome to forums!

Have you signed the debt reaffirmation agreement with the lender when you were in bankruptcy filing? If not, then you can let the lender foreclose the property as you won't be liable for paying the deficient balance resulting from the property sale. If you walkaway from the property, then too, your property will be foreclosed by the lender once you stop paying the dues.

Feel free to ask if you've further queries.

Sussane

Guest

hi, i was upset that due to my divorce i was going to have to foreclose to houses, the one i lived in was a $4200 mortage that i could no longer afford. The bank evicted us last week. Now I hear that my ex-husband got a modification on the first house (how, i don't know i didn't sign anything). My question is can i file bankruptcy on the house that is no longer going to foreclose?

adonis · Posted: Sun Sep 05, 2010 11:08 pm Post subject:

Welcome Marie,

A query similar to yours has been answered in this page:
http://www.mortgagefit.com/foreclosure/bankruptcy-house.html

Take a look at it. Hope it helps you.

Guest

Can I include my house in the bancruptcy. I owe $168,000 and its current market value is $60,000?

smithsussane · Posted: Mon Sep 13, 2010 11:36 pm Post subject:

Hi KJA!

Welcome to forums!

You can include your property in your bankruptcy filing and get the mortgage discharged. In case, you want to save the property, you can reaffirm your mortgage which will make you personally liable for the loan once again. Once you become personally liable for the mortgage, you'll have to make mortgage payments on time.

Feel free to ask if you've further queries.

Sussane

Guest

i didnt realize my whole name was going to show up including when you google my name. how can i delete at least my last name?

Guest

I'm including my house into my bankruptcy to be foreclosed on. Does a bankruptcy foreclosure make any difference credit wise or when it comes to purchasing a house in a couple of years.

smithsussane · Posted: Mon Mar 21, 2011 11:05 pm Post subject:

Hi!

Welcome to forums!

To mfrank,

You will have to contact the Site Admin in this regard. You can find his contact details from the Contact Us page.

To Kassi,

A bankruptcy foreclosure will have similar negative affect on your credit report like any normal foreclosure. However, after a bankruptcy foreclosure, you won't be liable for paying off any deficient balance to the lender.

Feel free to ask if you've further queries.

Sussane

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