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JJOKELA · Joined: 25 Feb 2010 Posts: 1 1.27 Dollars($)

My husband and I filed for bankruptcy in MIchigan in 2000.. Since then we hve been living in our house but have not reaffirmed our mortgage. Our house is not worth what we pay and wonder if we can leave our house and buy another one. Will that hurt us?

jameshogg · Posted: Fri Feb 26, 2010 12:33 am Post subject:

Hi JJOKELA,

As your mortgage is not reaffirmed, you can surrender the property now to the lender. However, the lender would foreclose the property to recover his dues. This foreclosure will affect your credit report but the lender will not come after you for the balance amount. After the foreclosure, you won't be able to get a mortgage immediately to buy a property. You may have to wait for 3-4 years in order to get a home loan.

Thanks

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Did not reaffirm mortgage after bankrtupcy chapter 7