Legal Question in Bankruptcy in New York
In chapter 7 no asset discharge if the house was under water & I did not reaffirm the mortgage note during chapter 7, the only recourse the lender has is take the house.The excess balance outstanding on mortgage note becomes unsecured & gets discharged in chapter 7.Can the lender assert all the balance on the original note if home owner files chapter 13 four years later ?--that would be violation of rule 524 of bankruptcy laws which clearly states that any future effort to reenforce discharged debt in unlawful. I am in new york state.I would think that chapter 7 reduced the note to the value of the obligation to the fair market value at time of chapter 7 OR take possession of the house and not a dollar more
Asked on 11/18/11, 9:15 pm
1 Answer from Attorneys
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