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 Phillips Esq. Your Own Question
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 19134
Experience:  B.A.; M.B.A.; J.D.
16551887
Type Your Bankruptcy Law Question Here...
Phillips Esq. is online now
A new question is answered every 9 seconds

Hello, I currently live in Massachusetts. Two and one half

This answer was rated:

Hello, I currently live in Massachusetts. Two and one half years ago I lived in NJ. My wife and I were approved for a chapter 7 bankruptcy in 9/2010. Our mortgage was included in the bankruptcy. The home has not been sold by BOA yet and we are still listed on the deed. We would like to buy a condo here in Boston in the next year or two. Will having our name on that deed hinder us in applying for a loan here in MA? Thanks - Matt
Thank you for giving me the opportunity to assist you. Kindly use CONTINUE or REPLY button to ask for clarification or follow-up questions.



Question: Hello, I currently live in Massachusetts. Two and one half years ago I lived in NJ. My wife and I were approved for a chapter 7 bankruptcy in 9/2010. Our mortgage was included in the bankruptcy. The home has not been sold by BOA yet and we are still listed on the deed. We would like to buy a condo here in Boston in the next year or two. Will having our name on that deed hinder us in applying for a loan here in MA? Thanks - Matt


Response:
No, because bankruptcy discharged your personal obligation on the Note. However, the bankruptcy itself would hinder your application for financing. Most lenders would not extend credit to you after your bankruptcy filing because you would now be considered a high credit risk. Your bankruptcy filing unfortunately would remain on your record for ten years from the date of the filing.

Customer: replied 4 years ago.

Thank you. I understand that two years after a bankruptcy you can be eligible for a loan from a bank. Its been over two years now. I realize that we cannot expect a great interest rate, but with between 20-35% down, we feel that we will be acceptable to the bank. I was just concerned that since our name was still on the deed that we might run into problems. We still have to pay a $500/yr road maintenance fee to our old home owners association in NJ each January 1st because we are still on the deed and I thought that there might be further legal issues related to that. Thanks again - Matt

Thank you. I understand that two years after a bankruptcy you can be eligible for a loan from a bank. Its been over two years now. I realize that we cannot expect a great interest rate, but with between 20-35% down, we feel that we will be acceptable to the bank. I was just concerned that since our name was still on the deed that we might run into problems. We still have to pay a $500/yr road maintenance fee to our old home owners association in NJ each January 1st because we are still on the deed and I thought that there might be further legal issues related to that. Thanks again - Matt



Response: Hello Matt. Thank you for the clarification. I am sorry for the delay in getting back to you. I was in Court for most of the day.


No, I do not see any more legal issues. If a loan officer should inquire about your liability for the mortgage on the property, the loan officer should readily find an answer on your credit report, which would show the mortgage now at zero balance.

Phillips Esq. and other Bankruptcy Law Specialists are ready to help you