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I filed for BK, the stay on my house was lifted. Will I be

 
Terry L.'s Avatar
  • Answered by:Terry L.
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I filed for BK, the stay on my house was lifted. Will I be responsible for the shortfall when it is sold? I put surrender on bk filing

 

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State/Country relating to question: Nevada

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filed in NV, house is in FL

Submitted: 1173 days and 10 hours ago.
Category: Bankruptcy Law
Value: $15
Status: CLOSED

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Expert:  Terry L. replied1173 days and 9 hours ago.

Hi and thank you for your question.
Once you file bankruptcy, that discharges the whole debt. The lender moves to modify the stay to pursue transfer of the property back to them.
They will eventually foreclose, but there is no deficiency, since the balance was discharged in the case. The foreclosure just transfers the title back, and that is it.
Thank you for your question and good luck to you.

Expert TypeAttorney
Category: Bankruptcy Law
Pos. Feedback: 99.7 %
Accepts: 2126
Answered: 4/1/2010

Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar

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