I have a friend that converted from a 13 (old law) to a 7 last year and stupidly signed a reaffirmation agreement. Come to find out that he used a bk attorney that his mortgage holders recommended to him. No wonder he was never told that he didn't have to sign it. Well, he couldn't keep up with the payments and got served a foreclosure notice today. Now he will be responsible for the defiency. Has anyone had this happen to them in Ohio, what is the procedure now and how long does he have? Thanks.
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Evidently, the Owner can be held responsible for a deficiency balance in Ohio.
http://www.preforeclosureusa.com/sta...7d023f9b40f976
Deficiency
A deficiency judgment may be obtained by the lender along with the order commanding a foreclosure sale. The deficiency is void two years after the foreclosure sale is confirmed. However, the enforcement may continue if the debtor signs an agreement to postpone the enforcement past two years.
Something your friend would want to check into. Maybe have a Consult with a Real Estate Law attny??!!Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...
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