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mortgage

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georgewilliams Joined: 18 Jul 2011 Posts: 1 1.39 Dollars($)	Posted: Mon Jul 18, 2011 8:48 am    Post subject: mortgage Like 0 Dislike 0 I filed chapter 7 had a first and a equity line with to different banks. My second mortgage filed a judgement and placed a lien on a piece of raw land that I paid cash for. They foreclosed on the land and the bank bought it for 300.00 dollars. The clerk of courts sent me a letter informing me that the sale was not approved because I had a 4700.00 wild card exemption from my bankruptcy so the land had to sell for at least 4700. The bank just charged it off on my credit. My question is this - If I build a house on that property someday can they still try and foreclose on it after I put my primary residence on it or will the judgement just run it"s course. I filed bankruptcy so I thought I was getting a fresh start.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Jul 18, 2011 8:47 pm    Post subject: Like 0 Dislike 0 Hi georgewilliams! Welcome to forums! If the bank has charged it off your credit, then I don't think they will foreclose the property in future. To be on the safer side, it will be better if you could contact your bankruptcy attorney and take his opinion in this regard. Feel free to ask if you've further queries. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Jul 19, 2011 7:30 am    Post subject: Like 0 Dislike 0 A charge off does not have anything to do with an evaporating debt. Charge off is simply an accounting procedure that the lender uses to reflect the fact that you're not making payments and that they won't consider the loan in question as an asset on their books any longer. If there's still a lien on the property, then I would think it's going to remain valid. As Sussane noted, you can certainly check in with your bankruptcy attorney and get an opinion. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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