bankrupsy
Date: Fri, 06/01/2012 - 06:29
Its pretty simple really. If you decide to surrender your home t
Its pretty simple really. If you decide to surrender your home to the lender and provided that the lender can sell the home for an amount exceeding your outstanding mortgage balance, he will give you the amount over and above which would also include the equity. You get nothing if the sell price+equity is less that the outstanding mortgage balance.
You didn't reaffirm your house means that you are personally not liable for paying off the remainder of your mortgage amount and your lender cannot come after you for the deficit amount.
Submitted by NathanielCopeland on Mon, 06/04/2012 - 01:38
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