ExpertLaw.com Forums

Home Reaffirmed & Non Payment

Printable View

  • 03-11-2009, 05:46 PM
    lousieh
    Home Reaffirmed & Non Payment
    My question involves bankruptcy in the state of: Kentucky

    My ex-husband and I filed bankruptcy June of 2004 and has been discharged. He has continued paying for the home, but he has decided to stop in July of 2009. The house was reaffirmed in the bankruptcy, my question is if he stops paying for the home what happens to our credit and does the mortage company have the right to collect remaining balance?
  • 03-12-2009, 12:07 AM
    Betty3
    Re: Home Reaffirmed & Non Payment
    Yes, the mortgage co. has a right to any balance due. If he stops making payments, it will have a negative effect on credit.
  • 03-12-2009, 12:44 PM
    OhMy
    Re: Home Reaffirmed & Non Payment
    I agree with Betty3, well she is correct all the time:p

    I would just like to add;

    If you lose your home in foreclosure, KY is a deficiency state, meaning;

    The lender sells the home, then they come after you for any shortage on the loan. If you owe $150,000 and the home is sold for $80,000 you then owe the lender the shortage of $70,000

    Since you have gone through a bankruptcy a foreclosure is not a good idea right now as you can NOT file a bankruptcy again for 8 years after the last bankruptcy. The lender can garnish your pay, checking accounts and whatever else is allowed by state law.

    Here is a link to the KY foreclosure laws;

    http://stopforeclosure.com/Kentucky_Foreclosure_Law.htm
  • 03-12-2009, 04:21 PM
    lousieh
    Re: Home Reaffirmed & Non Payment
    Thank you both for the information this has helped me a lot.
  • 03-12-2009, 06:26 PM
    Betty3
    Re: Home Reaffirmed & Non Payment
    You're welcome from both of us.
All times are GMT -7. The time now is 04:34 PM.
Powered by vBulletin® Version 4.2.4
Copyright © 2023 vBulletin Solutions, Inc. All rights reserved.
Copyright © 2004 - 2018 ExpertLaw.com, All Rights Reserved