if you don't reaffirm a mortgage in Chapter 7, you are released from the mortgage once discharged?? but the title of the property is still in your name until the lender forecloses....is this correct?? no mortgage in your name from the point of discharge to the point the titles are transfered to new owner?
-
-
Yup, that is correct. Mortgage being discharged does not change title. Foreclosure (or deed in lieu, short ale, etc) changes title.Stopped paying: 08/10, Filed CH7: 08/27/10 , 341 & No Asset Report: 10/6/10, Last day to object: 12/06/10, Discharged: 12/07/10, Closed: 12/08/10
AHEM.....NOT AN ATTORNEY, NOT ADVICE, ETC, ETC -
But you are discharged from owing any balance on the debt from a foreclosure sale. Right?Comment
-
Once again, yes, correct. You are not liable for the deficiency.Stopped paying: 08/10, Filed CH7: 08/27/10 , 341 & No Asset Report: 10/6/10, Last day to object: 12/06/10, Discharged: 12/07/10, Closed: 12/08/10
AHEM.....NOT AN ATTORNEY, NOT ADVICE, ETC, ETCComment
-
Correct. Once you are discharged -- for all practical purposes, as soon as you file your case, provided it ends in a discharge -- you cannot, ever, be pursued for debts related to the mortgage or any other debts you've listed. All financial responsibilities to those debts are null and void. The lien remains in effect, which empowers them to repossess the collateral in accordance with applicable laws.4/2010 - Filed Chapter 7 no asset case w/car reaffirm
5/2010 - 341 meeting, no creditors present
10/2010 - Reaffirm finally approved and case discharged the same dayComment
Comment