Chapter 7 Bankruptcy – Walking away from House?
admin | Oct 01, 2010 | Comments 1
We’re not reaffirming our mortgage in chpt 7 bankruptcy. Household is now worth less than owe. About $25,000 less.Can we just walk away from our mortgage or does anyone know how this works. I have a lawyer. Just sought after to make some Personal experiences.
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If you do not reaffirm the mortgage you can stay and pay and all is well, if you pay it off you make title. If you go into foreclosure either because you cannot make payment or because you walk away you are not responsible for the balance. Your attorney have principal you correctly in not re-affirming so you are getting excellent advice.
Look at the numbers carefully. Stay if your payment is the same or less than renting the same type of home. You have just been through the wringer in bankruptcy – it may be to your advantage to stay where you can securely walk away if need be.
preeminent wishes