Cash deal for new house,what about my current one

[braincramp]

I would like to hear from anybody else who has done this and how did you go about it ? We did a chapter 7 that was discharged in August of 2010 and our 1st and 2nd mortgage was not reaffirmed. We have been paying both payments since and living in our house. We are about to buy a new house for cash and move. We are going to put our current house on the market but I do not want to keep making payments. Has anybody else been through this and if so, how did you go about it?

[LadyInTheRed]

I haven't done it, but there isn't much mystery in it.

Since you are going to pay cash for the new house, your old house is irrelevant.

If your current house is underwater and you are going to buy the new house in the near future, you might as well stop paying the mortgages now. It will take a while for the bank to foreclose. Move when you are ready to move and let the bank know you have vacated the house. You don't have to bother putting it on the market. If you have enough equity in the current house to pay the expenses of sale, pay off the mortgages and make a profit, you should keep making payments and put it on the market instead of incurring late fees that will cut into your profits.

[braincramp]

That was pretty well my understanding also. The only thing bothering my wife and I is the foreclosure notice in the paper since this is a rural area. Thanks!