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  1. #1
    Join Date
    Oct 2011
    Posts
    1

    Default Foreclosure After Chapter 7 Discharge

    My question involves bankruptcy in the state of: My chapter 7 bankruptcy was discharged a little over a year ago. According to my mortgage company, my mortgage was never reaffirmed. They still send me a bill in the mail, but it clearly says that it "is not an attempt to collect any money from me and if I do not pay they will only execute their rights against the property". According to my bankruptcy attorney, the mortgage company can not come after me for the remaining balance on my mortgage, so if I can no longer afford to make the payment, I should walk away from the home. Its value is at least $20K less than what is still owed on the note. My question is this...Is this a accurate statement from the bankruptcy attorney? And if so, would a foreclosure on my home happen faster since I am not obligated to pay the mortgage anymore? I would like to stay in my home, but I am one month behind one the mortgage already and it is not going to be paid current anytime soon...I have lost a significant portion of my income and don't foresee it being replaced anytime soon.

    My question applies to the state of Florida.

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Foreclosure After Chapter 7 Discharge

    I don't think there is any statement one can make about the speed of the foreclosure. It's all an issue with how expeditious the lender wants to be and I don't think the lack of availability of subsequent recourse means anything. The only thing that can be said is that they will not (and can not) foreclose if you are current on your payments.

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