I am confused here. We are hoping to file BK, not sure which one yet, as we have no assets and a home under water. No savings, 401K, nothing. I keep reading about people's mortgages being discharged in a BK, but yet they keep their homes. I do not understand this. How can a mortgage be discharged? I hope I don't sound stupid. Am I missing something here? I am new to this forum, and I'll admit, I don't even understand some of the lingo yet! You all have been a big help to me, and have saved me from signing with a BK factory lawyer who did nothing for us. We want to keep our home and two cars. One is a 2004 and the other is a 2007. We owe more on them than they are worth. Thanks again everyone for all the advice.
-
-
If you don't reaffirm your mortgage note in your bankruptcy, the note will be discharged. (The "note" is the promise to pay, NOT the mortgage document that puts the lien on your home)Originally posted by daglo View Post
You can have the obligation to pay discharged and yet continue paying. It is helpful to those who have difficulty later and decide to walk away from their homes. They won't be personally liable for the note, but the mortgage lien is still intact and the lender can then exercise their right to foreclose.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions. -
Originally posted by newbie2 View Post
So in 3 years someone decides to walk away from their house that they did not reaffirm and the mortgage forecloses will this persons credit report then show a foreclosure or will it still just show that the mortgage was bk.-Filed Ch7 pro se 04/14/2010
-341 Meeting is 05/24/2010 (went uneventfully well)
-Report of No Distribution 6/4/2010
-Discharge 7/28/2010
Comment
-
There will still be the public record of the foreclosure.Originally posted by GettingGoing View PostComment
Comment