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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2820
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I filed bankruptcy a little over 3 years ago and I included

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I filed bankruptcy a little over 3 years ago and I included my house and 2nd mortgage but said I would still make payments on them but now there is no way I can honor this oblitation because of the recession. What will happen to me if I let the bank foreclose on my house?

Sincerely,
AmySue

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

I assume you filed a chapter 7 bankruptcy.

Terry L. :

Did you reaffirm on the first and second mortgage during the case?

Terry L. :

A reaffirmation is a document you would have signed after filing, but before discharge, that allows the debt to survive bankruptcy.

Terry L. :

If you did sign them, then you are on the hook, and they can foreclose and collect on any deficiency.

Terry L. :

If you did not sign a reaffirmation, you are off the hook.

Terry L. :

You can let them foreclose, and the debt is discharged in your case.

Terry L. :

If you have a homeowners or condo association, you are on the hook until the foreclosure is complete.

Terry L. :

OTherwise, the lender gets the home back and that is that.

Terry L. :

do you have any questions?

Terry L. :

It seems that you are away. Hopefully I've answered your questions, if you have more, please respond and I'll answer 'em for ya. Thanks and good luck AmySue.

I see that you left feedback looking for more info. If you saw the note above, I asked you for any other questions. What other questions do you have?
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