Posted on: 22nd Sep, 2009 09:00 am
I have a 7 year ballon that is going to terminate in March. My wife and I are both on the mortgage. I filed bankruptcy individually and the mortgage was discharged in my name. CitiMortgage will not refi or excercise the balloon reset option because of my Bankruptcy. Why can't they do the reset in wifes name only? Also, if we are forced to foreclose since the house will not sell for what I owe, what if any recourse do they have against me?
hi rodan,
it would be the lender's discretion whether or not he would refinance the loan in your wife's name. your wife may contact other lenders and check out if they can refinance the loan. if the lender forecloses the property, then it would definitely affect your credit as you're one of the co-borrowers of the loan.
it would be the lender's discretion whether or not he would refinance the loan in your wife's name. your wife may contact other lenders and check out if they can refinance the loan. if the lender forecloses the property, then it would definitely affect your credit as you're one of the co-borrowers of the loan.
thanks adonis......are you sure that they can report a foreclosure if the mortgage has been discharged? I know that my wifes credit will get dinged but I didn't think there was anything they can do against me.