??s on Surrendering after chap 7 discharge

[jenjen62979]

Hi,
We recieved our discharge Sept 12th. Our house has been up for sale for some time now and it is not selling. We can no longer afford this. What happens if we surrender it after our discharge? Will we still beable to get a mortgage in 2 years or so?? Does a foreclosure look worse than the bankruptcy? If I want to surrender it should I just call up my mortgage lender and let them know? Thank for any help!!

Jena

[Minnymouth]

DID YOU SIGN A REAFFIRM AGREEMENT????

Foreclosure/BK - not a whole lot of difference there......

Many people can buy another home within 2 years with decent cc score and downpayment..........

Minny

[Pinktiger]

Why do you think your house is not selling? Are you asking too much for it? The main reason a house does not sell is the price is too high. Are you working with a realtor?

[jenjen62979]

HI,
I did not sign a reaffirmation agreement. We recently dropped the price of our home $6000. It is now below market value, according to our realtor. Nothing in our area is selling.

Jena

[EdytaHome]

[jenjen62979]

Hi,
We rent a house now that my inlaws own in a much better area with better schools. We want to buy this house from them in a few years. The mortgage company is sending us the paperwork for a deed in lieu. Does anyone know how that works? What are the chances of us getting that? What is a short sale? It was listed as one of our debts, they never did send us a reaffirmation agreement.

Jena

[EdytaHome]

[bezoar]

If this is the case and you did not sign a reaffirmation agreement, your CR should report it as IIB, no matter what you do. I don't know that they can continue to report anything 'new' (like foreclosure) on this account, since the underlying debt has been discharged.

[StaciMM]

That is my understanding as well-if you didn't reaffirm, then the BK discharged your obligation regarding the home & its up to the lender to deal with it.

Did your attorney give you any info as to what to expect? I know that timing & laws vary from state to state.



QUOTE=bezoar]If this is the case and you did not sign a reaffirmation agreement, your CR should report it as IIB, no matter what you do. I don't know that they can continue to report anything 'new' (like foreclosure) on this account, since the underlying debt has been discharged.[/QUOTE]

[jenjen62979]

Hi,
I called the mortgage company and they said they had no reaffirmation agreement from them. They also told me I could keep paying but my obligation to them had been discharged. I looked at my BK papers and it is listed. What is the next step? If they list it as a foreclosure on my CR who to I notify to change it to a LIB? Thanks so much!

Jena

[EdytaHome]

Unfortunate

This is unfortunate, but true.
Even though you filed BK and had your house discharged, if you let it go into forclosure, this will still be appear on your CR. It is true after all that your house was forclosed and that you discharged it in BK. I know from experience because I discharge 2 houses, ended up selling one on a short sale and the other went into forclosure. Now my credit report shows a forclosure, BK, and short sale for the 1st property because technically the house was in forclosure status before the sale. The second reflects both a forclosure and BK. What a mess. Yes they will report everything and unless it's not true, you can't get it off your CR.