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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I need help with a bankrupcy question.

This answer was rated:

I need help with a bankrupcy question.

WALLSTREETLAW :

Hello I am a licensed attorney. I am here to help answer your questions. Please do not hesitate to ask for clarification

WALLSTREETLAW :

What is your question?

Customer: replied 3 years ago.


I filed Chapter 7 almost 12 years ago. I retained my condo and was never late on the payments. Last year I noticed at the bottom of my statements that read that my condo was included in the bankrupcy and that I cannot be held personally responsible for the mortgage. The condo is up side down, but is slowly coming back.


 


What are my options in this situation. If I stop paying the mortgage will the bank put me into collection, what about my credit report.

it seems you discharged the mortgage, so if you stop they cannot obtain a judgment against you or collect on you for any balance,

If they have been reporting your payments to the credit bureau, if you stop that will hurt your score, if they foreclose on you, the foreclosure would hurt your score but only if it is being reported.

What you can do is contact the lender and deed them the home if you want to leave, and they will not have to sue you in a foreclosure action so it will not hurt your score.
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