QUESTION
We had our house foreclosed in 2012. Now the Lender with the second lien is wanting us to continue paying off the loan. Our we obligated?
Asked on Apr 18th, 2013 on Real Estate - Texas
More details to this question:
Our credit is already damaged due to filing bankruptcy in 2009 because we lost our business, so we are not worried about credit rating. Can we get out of paying for a loan on a house we no longer own or occupy? It was my understanding the Lenders were being compensated via the bank bailout so they would not come after the borrowers. What is the best case scenario and the worst?
1 ANSWER
I would have thoguht bankruptcy would have discharged loan. If not, you signed a promissory note or a promise to pay. Therefore, the lender may still have the right to sue. There may be other defenses, such as the statute of limitations but failure to occupy is not a defense.
David Pritchard
817 285 8017
Answered on Apr 23rd, 2013 at 5:27 PM