Legal Question in Bankruptcy in Michigan
bankruptcy discharge
we filed bankruptcy in 2005. Our mortgage was suppose to be reaffirmed but someone dropped the ball. Now our mortgage co. sent us a letter stating that our mortgage has been discharged with a zero balance. What does that mean?
Asked on 1/22/08, 5:54 pm
1 Answer from Attorneys
Peter Torrice
Canu, Torrice & Zalewski, PLLC
Re: bankruptcy discharge
It means just that. If you keep making the payments then you should not be foreclosed on. However, if you stop, then they can not collect against you for the deficiency. It actually works out better for you that way. The problem is that you don't get credit for making the payments on your credit report. What you can do is re-finance the home and get a new loan on it to get that back on your credit report.
Answered on 1/24/08, 11:52 am
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