Start paying mortgage again after discharge?

[StartFresh]

Thanks in advance if you can help me with this. My mortgage loan with BofA was discharged in a Ch7 in March 2010. I did not reaffirm and stopped making payments in October 2009. I'm confused because I am still receiving statements "for informational purposes only" that look like my old statements. If I start paying again, can I keep the house? I have heard nothing about foreclosure from them.
I've called BofA and get conflicting advice. I'm afraid that if I start payments again, this implies I am still responsible for the loan even though it was discharged. I would like to keep the house if possible though realize I can't sell it.

[CCsAreEvil]

From my reading on other threads, you'd probably have to bring the loan "up to date". Meaning, from the point you stopped making payments, you would need to make a payment which includes all those months up to today. Sounds crazy? It is.

Your best option is probably to just sit there and "save" up for when you are officially booted from the property (foreclosure). You probably haven't heard anything because banks are so backed up right now. You could "possibly" stay in your home rent/mortgage payment free for 1+ years.

I was talking to a guy in my neighborhood. He claims that his neighbor stopped making his mortgage payments almost 2 years ago! They still haven't booted him yet.

[StartFresh]

Thanks so much for the feedback. Good luck with getting your discharge soon!

[LSUTiger32]

I would contact them. Tell them what you would want in order to keep the house and begin making payments again. They might be more than willing to lower the interest rate, extend the term thereby lowering your payments and allow your first payment to be the first one due (in other words roll the missed payments to the end). You never know, whatever you do just get it in writing.

[StartFresh]

Thanks, Tiger. The problem I have is that when I call they say they can't talk to me since I surrendered the house in the Ch7. But in the meantime, I still get the statements and nothing about foreclosure. Hard to do anything when they "can't" talk to me.

[tay666]

I'm afraid that if I start payments again, this implies I am still responsible for the loan even though it was discharged. I would like to keep the house if possible though realize I can't sell it.

That won't happen.
If you start paying again, you are in no way assuming responsibility for the loan. You can walk away at any time and not be held responsible for the balance of the loan.

And yes, you can sell it. But, only if you can get enough to satisfy the mortguage. Because that is the only way you will get the deed released.
The mortguage company still holds the deed and has the right to forclose is they are not getting their payments.
But, if you start making payments again, and make arrangements to make up what you are behind on (payment plan, moving those to the end of the loan, etc) then they will have no reason to forclose, and you can pay it off like any other mortguage.

First question you should ask yourself though. Is the house worth what you owe. If you are way underwater on the house, I wouldn't even bother.
IF it's close, or like me, actually has some equity, then yes, you would probably want to try and keep it. IF you can afford the payments.

[LSUTiger32]

Thanks, Tiger. The problem I have is that when I call they say they can't talk to me since I surrendered the house in the Ch7. But in the meantime, I still get the statements and nothing about foreclosure. Hard to do anything when they "can't" talk to me.

Wow, the stupidity of banks. Is it any wonder why they fail on a daily basis? I would keep asking for supervisors until you find someone with a brain.