Housebroken13
LoanSafe Member
Hi,
We are located in CT. right now home prices are skyrocketing around us due to low inventory and exodus from NY State.
We have a home loan being serviced by Gregory Funding (servicing rights recently transferred from Mr. Cooper).
Our home loan was discharged and not reaffirmed in a 2007 Chapter 7 BK and was modified at the time.
Right now my mortgage statement says:
- Current Principal Balance: $201,948.92
- Deferred Principal Balance: $80,396.36
We recently had a realtor come put to so a formal appraisal of the property and he said he would list the home at $299,999.
My question is if we were to sell for that price (or higher as most home are selling above list price) would we be obligated to pay the deferred balance considering there was a discharge? Would the servicer work with us on potentially paying less?
I guess my leverage would be we could walk away at any time and they wouldn't get a red cent.
Thanks in advance!
We are located in CT. right now home prices are skyrocketing around us due to low inventory and exodus from NY State.
We have a home loan being serviced by Gregory Funding (servicing rights recently transferred from Mr. Cooper).
Our home loan was discharged and not reaffirmed in a 2007 Chapter 7 BK and was modified at the time.
Right now my mortgage statement says:
- Current Principal Balance: $201,948.92
- Deferred Principal Balance: $80,396.36
We recently had a realtor come put to so a formal appraisal of the property and he said he would list the home at $299,999.
My question is if we were to sell for that price (or higher as most home are selling above list price) would we be obligated to pay the deferred balance considering there was a discharge? Would the servicer work with us on potentially paying less?
I guess my leverage would be we could walk away at any time and they wouldn't get a red cent.
Thanks in advance!