Legal Question in Real Estate Law in Georgia
I have been trying to modify my mortgage loan with Chase since 1999. Unfortuantely, I kept getting denied for one reason or another. I have not made a payment since 1999. I know debts are forgiven after 7 years. The house is no longer showing up on my credit report. I checked all 3...omg! What does that mean? Can I keep the house? I haven't gotten any foreclosure letters or anything.
2 Answers from Attorneys
Same answer as in the other forum. Debts are not "forgiven" after 7 years, or 70 years, and credit reports are not legal authority on what you owe.
No mortgage debts are NOT forgiven after 7 years.The lien remains and they can foreclose if they wish. And nothing requires reporting loans on credit reports. Realistically a modification with a 16 year arrears is rare but sometimes denials are improperly done so show your papers to a lawyer to see if you can pursue that route.
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