Going into forecloser
Date: Mon, 01/10/2011 - 06:56
If you haven't reaffirmed your mortgage when you filed bankruptc
If you haven't reaffirmed your mortgage when you filed bankruptcy, then you're not responsible for the mortgage payments personally. Thus, the lender is also not liable to report the payments to the credit bureaus. As a result, your mortgage account status is being updated as "closed" in your credit report. Moreover, as you're not responsible for the mortgage payments personally, you won't be able to get help from the lender in order to pay off the dues. If you do not have any issues, then you can surrender the property to the lender and let him foreclose it to recover his dues. Thus, you won't have to deal with the property any longer.