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I filed for bankruptsy over 10 years ago and the condo I…

I filed for bankruptsy...

I filed for bankruptsy over 10 years ago and the condo I owned at the time was not re-affirmed but I have made payments on time ever since. I am now in the situation where I can no longer keep the condo. The mortgage company has told me all along that I could let it go without consequences but I am not sure how to start the process. By the way, the condo is now worth $20,000 less than the principal left on the mortgage.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No, I went ahead and paid the mortgage for May but would like to let it go before June payment is due.

Lawyer's Assistant: Where is the condo located?

Glenwood Illinois

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

I now live in Merrillville IN

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Answered in 1 day by:
5/5/2018
Josie-Mod
Category: Real Estate Law
Satisfied Customers: 12
Verified
Hi, I'm Josie, a moderator for this topic.
I've noticed you have not yet received a response to this question.
I wonder whether you're ok with continuing to wait for an answer.
If you are, please let me know. If not, feel free to let me know and I will cancel this question for you.
Thank you!
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Customer reply replied 3 months ago
I will wait one more day.
Customer reply replied 3 months ago
Just tell me how to start the process, please.
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 22,840
Experience: B.A.; M.B.A.; J.D.
Verified

Hello: This is Phillipsesq. Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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I am so sorry to read about your difficulties.

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Kindly give me a few minutes to prepare my response.

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Your Question:

I filed for bankruptsy over 10 years ago and the condo I owned at the time was not re-affirmed but I have made payments on time ever since. I am now in the situation where I can no longer keep the condo. The mortgage company has told me all along that I could let it go without consequences but I am not sure how to start the process. By the way, the condo is now worth $20,000 less than the principal left on the mortgage.

Response: Because you did not reaffirm the debt, your personal obligation on the Note was discharged in your bankruptcy. So, if you walked away and stopped making payments on the loan and the lender foreclosed on the property, the lender can never come after you for deficiency after the foreclosure sale.

You can simply stop making payments on the mortgage and let the lender foreclose on the property. That's all you can do here because the debt has already been discharged by your bankruptcy filing. You can continue to stay on the property until the foreclosure sale has taken place.

Best wishes,

A 5-star positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating. However, that is how I get paid for answering questions on this site.

Thank you for your cooperation.

Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 22,840
Experience: B.A.; M.B.A.; J.D.
Verified
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Phillips Esq.
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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