Legal Question in Bankruptcy in Michigan
I filed for chapter 7 bankruptcy and was discharged in April of 2010. I reaffirmed on my mortgage and paid as agreed until December of 2010. At that time, due to several issues, I decided to walk away from the house and the Credit Union agreed to a short sale. There is a deficiency balance of about $90,000.00. The sale was final last month and there has been no word on whether or not they will be coming after me for that balance or even sending me a 1099 at the end of the year. My attorney only told me that it "appears" I have a non-recourse loan. I got a copy of my credit report today and it is showing the mortgage was discharged in bankruptcy. I contacted the court and they said they do see the reaffirmation agreement on the docket. My question is...am I protected by the bankruptcy for this deficiency balance? Will the Credit Union sue me for the deficiency balance?
1 Answer from Attorneys
Answer to your questions:
No and possibly Yes
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