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Guest

I live in AZ and i filed for bankruptcy in march 09 and it was discharged successfully in may. I'm currently behind on my mortgage by 4 months and am curious about what would happen if I walked away from my condo. I owe about 30k more that its worth. Would i be responsible for the difference between what is owed and what the bank would be able to sell it for?

adonis · Posted: Thu Sep 24, 2009 9:34 pm Post subject:

Hi johnny,

If you walkaway from the property, the lender would simply foreclose it and sell it off to recover the dues. You would be liable to pay the deficient amount to the lender. Moreover, a foreclosure would have a bad affect on your credit. Your credit score would be lowered by 250 points and it would remain on your credit report for the next 7 years. Moreover, you won't be able to apply for a mortgage for the next 2-3 years.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Yep thats correct

If you walk away, the lender will foreclose on the property and you may be liable to pay the deficient amount

Credit score will be really hit and this will rmeian on yoru report for 7 years

Guest

I continue paying lower than the interest of my 1st mortgage and nothing on my 2nd mortgage after my Ch7 BKY was discharge in Aug. 2008. I didn't file for reaffirmation. If I walk away now, can the mortgage company come after me? Secondly, Can someone who claims that she has an ownership interest who quit claim deed in 1999 have right to go after me too after I walk away?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

To answer yoru first questions, yes the mortgage compnay can go after you for the deficient amount dependign on the state you live

Abotu the other person who quit lciamed, he or she cannto go after you for anythign if you walk away from the property

adonis · Posted: Sun Oct 25, 2009 10:54 pm Post subject:

Hi Margee,

It you stop paying the dues, the lender would foreclose the property to recover the dues. He will not be able to sue you for the deficient amount as the mortgage have been discharged in bankruptcy.

If the property has been quitclaimed to you, then you're the owner of the property. The grantor will not be able to come after you once he/she has quitclaimed it.

Guest

laid off from work and now have no job/ I did get married, and so i am going to let the mortgage take the property back. The property was dismissed 20 2005 and was not reaffirmed. my question is, my surviving parent has a bank CD and needs to have it put in my name. If i do this before the foreclosure begins, can the morrtgage co take the CD? since i have debrt has been released already, will the CD play any part of foreclosure or should I not get it put in my name?

adonis · Posted: Wed Oct 28, 2009 11:10 pm Post subject:

Hi Guest,

As far as I know, your lender may not be able to garnish your CD but he can place a lien on the CD. Thus, whenever you decide to cash it in, you'll have to pay off the lender.

Guest

If I filed chapter 7 BK including the house in the bankruptcy, and it was discharged in march.... will the forclosure ALSO show up on my credit report even after BK discharge is on the credit report? A realtor is telling me this is true and wants me to consider a short sale because they have someone interested.

smithsussane · Posted: Wed Nov 18, 2009 10:34 pm Post subject:

Hi mitzb!

Welcome to forums!

As far as I know, though you filed for bankruptcy and got your debts discharged, the foreclosure will show up on your credit report. You can short sale the property. It will lower your credit score by 80-100 points.

Sussane

Guest

what is the difference in credit score going down between foreclosure or short sale? is the 80-100 points of short sale or foreclosure?

smithsussane · Posted: Mon Nov 23, 2009 10:46 pm Post subject:

Hi mitzb!

Welcome back to forums!

A short sale would reduce your credit score by 80-100 points whereas a foreclosure would reduce your credit score by 250 points.

Sussane

Guest

Now i cant make the payments.. Am I still protected by foreclosure? I had a loan mod done 6 months ago.

adonis · Posted: Wed Sep 22, 2010 10:56 pm Post subject:

Welcome Tommy,

If your property has been foreclosed by the lender, then you do not own the property or the mortgage. You don't have to make any payments. You're free from any liability regarding the property.

Guest

Hi,
We filed for Chapter7 in 2009 and was discharged. We tried short sale on our house but second loan won't co-operate (BofA). We just receive a notice of foreclosure. We live in California can the second loan go after us? we did not reaffirm on the first and second loan. Please help. Husband out of work for more than a year now.

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