top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Chase/ USDA backed mortgage question

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Chase/ USDA backed mortgage question

    Hi-
    I have been checking out a lot of good information on the bkforum, thanks to all who help others learn!

    Currently i am up to date on my payments. I am expecting a pay cut and less hours at the start of the new year, so i will be leaving the ranks of just scraping by at the end of each month to join the red ink club, and expect to file chapter 7 in a few months.

    My two year old Florida mortgage is through chase and backed by the USDA . I am curious about the deficiency after foreclosure. Does chapter 7 wipe out the USDA claim being a government debt? I have looked through my paperwork from closing to see what kind of terms and conditions the USDA backing has to no avail, the only thing i see about the USDA is a fee for $2387. I am guessing that the deficiency would be around 50k.

    Thanks in advance for input on this matter. My worst fear would be not having chapter 7 wipe out the mortgage debt.

    Brian

    #2
    You'll be fine. A USDA backed mortgage is no different than any other mortgage treated in a bankruptcy filing. As long as you are successfully discharged then your responsibility to pay will be discharged. Good luck to you.
    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.

    Comment

    bottom Ad Widget

    Collapse
    Working...
    X