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I filed chapter 7 bankruptcy and I was discharged July 2009. Istayed in the condo and continued to pay my mortgage dues, but decided to leave the condo around March 2010, and now renting an apartment. I received FORM 1099-A, and saying that I'm liable for repayment of the debt. The balance of principal outstanding is $106, 048.81 and the FMV of property is $26,500.00. Am I realy liable of paying the FMV back?

Niicss · Posted: Fri Feb 11, 2011 2:26 am Post subject:

As the mortgage was discharged in your bankruptcy filing, the lender will not be able to come after you in order to collect the deficient balance as you're not personally liable for the payments. Thus, I don't think you'll be liable for paying the deficient balance.

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