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Mortg. co. denied deed in lieu on fha loan. If foreclosed am I still responsible for loan & how will it affect my student aide.

Capitol Heights, MD |

Tried modification on fha loan. They gave me unattainable modification then said they would not do it again because 1 year had not passed. Accepted terms for deed in lieu. After 3 mos. I received notice I was unqualified. If I file bankruptcy, am I still liable for home loan and how will bankruptcy or foreclosure affect my student aide?

Attorney Answers 3

  1. Best answer

    The prior attorney's answer is correct. You can discharge any remaining liability through bankruptcy. Just be careful not to try to do the bankruptcy yourself or with just a paralegal service. Hire a lawyer, because bankruptcy may fix one problem only to cause another.

  2. Bankruptcy will discharge any liability for a deficiency on your home mortgage. Neither should affect your ability to receive any form of student loan benefits.

  3. I agree with my colleagues that bankruptcy will discharge this debt. I also agree with my colleagues that neither should affect your student aide.

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