I have a discharged bankruptcy from 2010. I did not reaffirm my home loan. I received documents yesterday for an approved loan modification through HAMP on my 1st mortgage. The modification agreement states under My Representations that 的 was discharged in a Chapter 7 Bankruptcy proceeding subsequent to the execution of the Loan Documents. Based on this representation, Lender agrees that I will not have personal liability on the debt pursuant to this agreement.
The loan modification agreement has a deferred balance of 27K, and a balloon payment of $174k, due at loan maturity, sale or transfer of property, or during a refinance.
My questions are, if I lose my job and get foreclosed on, or decide to walk away from the home in 2-or 15 years, am I responsible for the deferred balance or balloon payment still? I知 clear on the fact that I知 not responsible for the mortgage. But I知 not clear whether or not I知 liable for the balloon or the deferred balance.
Your input is much appreciated. I have 2 more days to sign off on this. I dont want to sign off if im on the hook for these two debts.