How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Infolawyer Your Own Question
Infolawyer
Infolawyer, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 6639
Experience:  Licensed attorney helping individuals and businesses.
11313492
Type Your Consumer Protection Law Question Here...
Infolawyer is online now
A new question is answered every 9 seconds

Some time ago I filed for bankrupcy (dismissed), my condo was

Customer Question

Some time ago I filed for bankrupcy (dismissed), my condo was included, but I stayed in condo and continued to make payments and assessments. Condo up side down. Found out that I am no longer responsible for the loan, etc. even through I am still listed as owner as long as I continue to pay loan. I asked bank to modify loan to current market, but they would not refinance, said that I would have to have a modification. I have completed this process and was denied. They are saying that I can do a short sale or forclosure. How long does the forclosure proceedure take, as I am thinking of staying for awhile and saving my money. I am continuing to pay the monthly assessments.
Submitted: 3 years ago.
Category: Consumer Protection Law
Expert:  Law Pro replied 3 years ago.

Welcome to JustAnswer! My goal is to do my very best to understand your situation and to provide a full and complete excellent answer for you.

My name is XXXXX XXXXX I'm going to assist you with your question.

Please bear with me if you believe my answer isn’t coming fast enough because I’m also working with other customers too. I apologize for any seemingly late response.


I don't understand the part about, "Found out that I am no longer responsible for the loan, etc. even through I am still listed as owner as long as I continue to pay loan."

Can you explain that since the bankruptcy was dismissed and you weren't given a discharge?
Customer: replied 3 years ago.


The bankrupcy was discharged, however, I continued to live in the condo and pay the monthly mortgage and assessments. I started receiving a notice on my monthly mortgage statement that since the loan was discharged in bankrupcy, that I could not be held liable for the loan, but if I stopped paying the monthly mortgage, that they would forclose on the property.

Expert:  Law Pro replied 3 years ago.
OK, I understand now.


I asked bank to modify loan to current market, but they would not refinance, said that I would have to have a modification. I have completed this process and was denied. They are saying that I can do a short sale or forclosure. How long does the forclosure proceedure take, as I am thinking of staying for awhile and saving my money. I am continuing to pay the monthly assessments.

 



Already Tried:
Applying for a modification, of which I was just notified that I was denied. That I should consider a short sale or forclosure.

 

My answer is going to be based on what state this is going on in?