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Foreclosure and Codebtor

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  • Foreclosure and Codebtor

    Hello All. I am preparing to file Ch7 Pro Se and I'm hoping you can help me as I have several questions. Any help I can get would be greatly appreciated!!

    My first question is regarding a foreclosure that have from 2014. The account is shown on my credit report as closed but the only reference to a foreclosure is a note that says "foreclosure process started", which seems a bit odd to me. In any case, I believe I've read that the amount a person is liable for after a foreclosure is the amount that remains after the home is sold. I've always thought that was how a short sale worked so needless to say I'm a bit confused. However, there are 3 dollar amounts listed on my report including "original balance" which was the original purchase price, "balance" which is about $25k less the the purchase price, and a "past due amount" which is $56k. Could the $56k be all that I owe? Either way, does it matter what amount I put down? I've been given the impression through all of my reading that it is best to list the highest amount of any debt just to be sure. So that is what I had planned to do. I was going to list the largest amount as an unsecured non-priority debt but I figured it would be a good idea to check here for a more definitive answer.

    Also regarding my foreclosure. I was never able to remove my ex husbands name from the loan but shortly after I told him that I was losing the house he filed bankruptcy. Is there anything special that I need to do? I thought I might include him in the mailing list but is that even necessary?

    Last question for now on a totally different subject. Years ago I co-signed a bond to get someone out of jail. Clearly she didn't pay it as it's showing up on my credit report, and to be honest I'm not surprised. Do I have to file form 106H "Your Codebtors"? The reason I ask is because I have no idea where she is. Not even an old address. I took her under my wing at the time and well I clearly made a poor decision. Like I said, it was years ago. I've tried to find her a few times with no luck. Any advice on how to handle this is appreciated.


    That's all for now. Thanks!!

  • #2
    1) Whether or not the foreclosure has completed, whether or not the house was sold for less than the amount owed is not important in the context of Chapter 7 bankruptcy. You simply include the mortgage, and either list the amount as "unknown" or give the original amount. If there are (non-exempt) assets, it is up to the creditor to file a claim. If your case is "no-asset" then regardless of whether the debt is $5,000 or $50,000 or even $500,000, the creditor gets the same payout--nothing.

    2) I wouldn't bother with classifying the debt to the bail bond company as "cosigned" because that really changes nothing for either of you. You can include the debt as a normal unsecured debt, and it will be discharged (for you). Your "friend" would remain liable to repay the bail bond company, as well as for any criminal fines, court-assessed penalties, and so on. Even if she filed, bankruptcy would not discharge those obligations, and they are not your problem.

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    • #3
      Thank you. That really helps. What's your opinion on adding my ex-husband to the mailing list. Do you think it would be expected by the court?

      I have more questions but the subject is different so I will start another thread. Thanks again for your help with this. Any help on my other questions is welcome!







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