Posted on: 29th Oct, 2011 05:55 am
Back in 2008, we fell on some financial hardships and tried doing a short sale (never sold). Then we consulted with an attorney and filed a chapter 7 surrending the property (renting the past 3 years). Was discharged in spring of 2009. We still get calls from the lender, since we are still on the deed. Our finances have improved GREATLY and would love the opportunity to get our house back...is their a chance this could happen? Would they ask us for balance owed prior to BK on the principle? Would they make me "Re-affirm" or a new loan? Because it has not forclosed on, we cannot buy a house, then when they do foreclose on property, we have to wait 3 years to buy a house!
Not really sure what to do...just want to buy a house soon!?
Not really sure what to do...just want to buy a house soon!?
Welcome acurley,
Unless you reaffirm the mortgage, it will be quite difficult for you to save the property. As your bankruptcy filing was discharged few years back, I don't think the court will let you reaffirm the loan. It would have been better if you would have surrendered the property and let the lender foreclose it. This would have let you purchase a new house now.
Unless you reaffirm the mortgage, it will be quite difficult for you to save the property. As your bankruptcy filing was discharged few years back, I don't think the court will let you reaffirm the loan. It would have been better if you would have surrendered the property and let the lender foreclose it. This would have let you purchase a new house now.
Thanks for the response...although the property was included in the BK, and we surrendered this property. It just never went into foreclosure. If it's too late to do a work-out option with lender, any other suggestions? Or just wait until the foreclosure takes place and wait another 3 yrs before we can buy!? UGH....
Hi acurley,
You should contact your lender and ask him to foreclose the property asap so that you can get rid of it. Once you get rid of it, then after 2-3 years, you can start applying for mortgages.
Thanks
You should contact your lender and ask him to foreclose the property asap so that you can get rid of it. Once you get rid of it, then after 2-3 years, you can start applying for mortgages.
Thanks