Posted on: 15th Oct, 2013 09:18 am
I filed Chapter 7 bankruptcy in 2010 and it was discharged in December 2010. The mortgages were included in the bankruptcy. I did not reaffirm the loans but have been making on time payments the entire time. Just tried to refinance and since I did not reaffirm the loans, I have to wait until May 2014 to refinance. At this point in time, would it be better to walk away? And are there any consequences in do so?
Hi ernas!
Welcome to the forums!
As you haven't reaffirmed the loan, you are not personally liable for the loan payments. You will be able to walk away from the property. The lender will not be able to come after you in order to recover the deficient balance.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
As you haven't reaffirmed the loan, you are not personally liable for the loan payments. You will be able to walk away from the property. The lender will not be able to come after you in order to recover the deficient balance.
Feel free to ask if you've further queries.
Sussane
Welcome ernas,
Sussane is right in saying so. Reaffirmation of debt in bankruptcy will make you liable for the payments personally. As you have not done so, you will not be liable for any deficient balance.
Sussane is right in saying so. Reaffirmation of debt in bankruptcy will make you liable for the payments personally. As you have not done so, you will not be liable for any deficient balance.