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  1. #1
    Join Date
    Aug 2011
    Location
    Indiana
    Posts
    1

    Default Didn't Re-Affirm First and Second Mortgage After Chapter 7

    My question involves bankruptcy in the state of: Indiana

    I did not re-affirm my mortgages after filing for Chpt 7 and received my discharge in Dec of 2009. Both mortgages show up as closed on my credit. My house is in a sizeable negative equity position with the current housing market. Three questions:

    1. Can I walk away from this house without further impact to my credit?

    2. What is the date that would be used to calculate when I would be able to apply for another mortgage? (filed 11/2008, discharge 12/2009)

    3. What would be the difference between contacting the mortgage companies and working with them on a turnover solution vs. stopping paying and letting them foreclose with regards to the legal aspect and future credit?

    Any feedback is appreciated.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Didn't Re-Affirm First and Second Mortgage After Chapter 7

    If you did not reaffirm, then the foreclosure should not further affect your credit. Talk to your lenders about their retaking possession.

    A new lender can use any information on your credit report for assessing your risk. Your discharge date appears on your credit report.

    You won't know what difference it will make to how your lenders handle things unless and until you contact your lenders. However, should the bank find it necessary or appropriate, even if a foreclosure doesn't end up on your credit report, an eviction lawsuit will.

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