We were discharged from chapter 7 almost 3 years ago and our home was included in the bankruptcy. I make the mortgage payments each month on time. We have a 1st and 2nd mortgage. When we first bought our home, we had 0% downpayment so the amount we owe is 199,000. Currently our home appraises for $173,000 due to the housing crash.
So we had always talked about trying to refinance eventually but we are not even happy in our home. Would it be possible to just "abandon" the home we have and qualify for a new mortgage at some point? How does that work since technically we aren't liable for the debt?
I'd rather get the house we want and need for our family instead of refinancing a home that we don't want to stay in and then we'd be stuck here even longer.
So we had always talked about trying to refinance eventually but we are not even happy in our home. Would it be possible to just "abandon" the home we have and qualify for a new mortgage at some point? How does that work since technically we aren't liable for the debt?
I'd rather get the house we want and need for our family instead of refinancing a home that we don't want to stay in and then we'd be stuck here even longer.
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