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  1. #1
    Join Date
    Mar 2009
    Posts
    2

    Default 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?

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default 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.

  3. #3
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Home Reaffirmed & Non Payment

    I agree with Betty3, well she is correct all the time

    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

  4. #4
    Join Date
    Mar 2009
    Posts
    2

    Default Re: Home Reaffirmed & Non Payment

    Thank you both for the information this has helped me a lot.

  5. #5
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Home Reaffirmed & Non Payment

    You're welcome from both of us.

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