If I had a bankruptcy discharged and I kept 1 of my housesbut now can’t afford it and plana short sale, will the lendergo for deficiency judgment?

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If I had a bankruptcy discharged and I kept 1 of my housesbut now can’t afford it and plana short sale, will the lendergo for deficiency judgment?

I had 2 houses and filed bankruptcy in 2009; I kept 1 house and surrendered the other house. I got a modification and now I can’t afford the house anymore. I plan to try to short sale. Is there any protect against a deficiency judgment since the debt was listed in the bankruptcy paperwork?

Asked on February 11, 2011 under Bankruptcy Law, Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

So what I am assuming is that reaffirmed the mortgage for the second house and then refinanced it once the bankruptcy was discharged, correct? If you reaffirmed the debt it was not a part of the bankruptcy technically even though it was listed on the petition.  What you need to do her is get the consent of the bank for the short sale AND make sure that they waive the deficiency judgement.  They will be happy to get anything on the sale of the house I am sure given the economy.  You may need your attorney to use a little persuasion but it will probably go your way.  Good luck. 


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