Legal Question in Real Estate Law in Virginia

Our 1st & 2nd mortgages were discharged in ch.7 bk in Nov.08, NOT reaffirmed. We are currently in the home and making timely payments. We are considering returning the home (it is becoming a struggle) will that be considered a foreclosure? Our credit reports state both mortgages being discharged and the paperwork from court confirms they were notified of the discharge. If we decide to remain in the home unitl we are approved to buy a new house, are we obligated to disclose to the potential lender that we are going to walk away from this home? Can we legally obtain a new loan while living in this home that is discharged? If not what is the proper procedure?


Asked on 7/28/09, 5:29 pm

1 Answer from Attorneys
Cary Moseley Law Office of Cary Powell Moseley, PLLC

I am not sure how you are going to return the home at this point, or avoid foreclosure, but you should consult your bankruptcy attorney about all these issues as soon as possible. You might also consult the lender and some "mortgage renegotiation" companies or attorneys specializing in the same. Good luck.

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Answered on 8/03/09, 6:36 pm


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