If I change my mind and walk away from our home will we have to pay 100% back to credit cards?We owe $58,000 and if we do walk away will we still have to pay the $12,000 we are behind on the mortgage?
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if the mortage company files a claim for the unsecured amount after you walk away, they will receive the same percentage to unsecured as your other creditors. And no, you won't have to pay that arrearage because you aren't keeping the house. -
thank you for your reply. I guess my next question will be how long will I have to stay in the house. There is no sale date yet and my plan is not being filed with the trustee until Aug 7, 09. We still have to find a place to live.Comment
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Florida is a judicial foreclosure state, so foreclosures take quite a long time -- longer than most states on the Eastern seaboard. Plus FL has a higher percentage of foreclosures than any state other than California, so the courts and attorneys are being buried in paperwork. If you choose to stay in the house up until the sale date, you'll likely have at least six months, probably much longer than that. YMMV, Each Case Is Different, and check with your attorney.
MollyBComment
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