I declared bankruptcy but kept my mortgage payments up to date. Then I lost my job and can`t pay the mortgage. The bank is foreclosing and says that I will be responsible for any balance remaining after they sell the house. Is this true? I had asked my trustee a few months ago and she said the shortfall would be covered, now she is saying not. What is true?
Shortfall on House
posted by Questions @
1 Expert Comment:
At February 20, 2009 |
6:46 am
, Barton Goth, Trustee in Bankruptcy Said...
This all really comes down to when the default happened. If you had defaulted right around the time you filed for bankruptcy then you really wouldn’t have much to worry about. But from the sounds of it you filed bankruptcy a number of months ago and made an effort to keep the house and the bankruptcy was filed. This will likely result in you being responsible for the shortfall. Although, the best thing to do is to discuss this with your trustee as they will be more familiar where your file sits and if it is possible to also include this newest amount.
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