Home included in Chapter 7
Date: Sat, 09/04/2010 - 11:36
We filed chapter 7 in 2005 before the laws changed, We did not reaffirm our mortgage as part of our chapter 7. Our mortgage shows a zero balance on our credit report and we have not been getting credit for making the payments on the house. We still live in the house. Are we able to just give the house back to the mortgage company and walk away from the house without any consequences. If so how would we go about doing that.
In response to: "Are we able to just give the house back to t
In response to:
"Are we able to just give the house back to the mortgage company and walk away from the house without any consequences. If so how would we go about doing that."
Since you did not reaffirm you can walk away without the fear of collections. Eventually the lender will foreclose. The foreclosure will most likely show up on your credit report. If you have decided to walk away just stop making the payments. You can live there until the lender forecloses, which takes a lot of time.