Posted on: 29th Jan, 2011 08:08 am
Last year 2010 I flied Chapter 7, I couldn't afford my mortgage and the bank had started foreclosure on my primary residence. The balance of the mortgage loan was 340,000 and the bank sold the property for 240,000 (current market value, based on the comparison sales in the area). Now I am receiving a 1099 form for the difference which is about $100,000.
Hi mbright,
If you had reaffirmed the mortgage when you were in Chapter 7, you will be liable for paying off the deficient balance. However, if you haven't reaffirmed the loan, then you won't be liable for paying off the deficient balance.
Thanks.
If you had reaffirmed the mortgage when you were in Chapter 7, you will be liable for paying off the deficient balance. However, if you haven't reaffirmed the loan, then you won't be liable for paying off the deficient balance.
Thanks.