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I have a mortgage on a house that come due in a balloon

I have a mortgage...

I have a mortgage on a house that come due in a balloon payment in 2018, I filed bankruptcy in 2003 shortly after obtaining this mortgage, I never reaffirmed on the note and have continued to make payments. due $55,000 Zillow say its worth $33,000, the house across the street sold 4 years ago for $7,000. in Detroit 48234. Will I need to come up with the balance of the loan to keep it for a renter I have living there?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

They are saying they can only exercise their rights against this property for securing this debt. So would I need to contact them to see if it has been written off, they would not let me refinance in 2010, cause I didn't make enough money to afford the house and why would I want to refinance something I am not responsible for.

Lawyer's Assistant: Has any paperwork been filed?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No paperwork since I tried to refinance in 2010.

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Answered in 3 minutes by:
10/11/2017
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,515
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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Will I need to come up with the balance of the loan to keep it for a renter I have living there?

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If you discharged the mortgage debt in the BK then you are no longer legally liable for it. Any payments you have been making are voluntary and if you stop, the worst the bank can do is foreclose on the property.

.

But the bank can demand the balloon payment if they want to and you would either have to pay it or they could foreclose on the property.

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.

thanks

Barrister

Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,515
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
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