Abandoment Letter for home with mortgage Question
We filed for Chapter 7 last year in August.
We received an abandonment letter for our house with a mortgage on it.
We received our discharge in March of 2008.
My Mortgage statement comes as an informational document and not as a collection notice or bill. when I called and asked when they would change back to normal mortgage statements. The mortgage company told me that the mortgage was discharged and I would only receive the informational statements from now on.
I was told if I continue to make payments as normal everything would be fine and the house would be paid off at the end.
Here is my question. I owe $30,000 more on the house than it is worth. We have the opportunity to purchase a different home from a family member. If we can work out arrangement for the new home, Can I give my current home to the bank and walk away?? Will I owe them anything?? I do have the abandonment letter and was discharged back in March 2008. But, I have continued to make my payments since then. Will that cause a problem?? Is it too late to walk away??
Any help or advise would be great.
Thank you.
We received an abandonment letter for our house with a mortgage on it.
We received our discharge in March of 2008.
My Mortgage statement comes as an informational document and not as a collection notice or bill. when I called and asked when they would change back to normal mortgage statements. The mortgage company told me that the mortgage was discharged and I would only receive the informational statements from now on.
I was told if I continue to make payments as normal everything would be fine and the house would be paid off at the end.
Here is my question. I owe $30,000 more on the house than it is worth. We have the opportunity to purchase a different home from a family member. If we can work out arrangement for the new home, Can I give my current home to the bank and walk away?? Will I owe them anything?? I do have the abandonment letter and was discharged back in March 2008. But, I have continued to make my payments since then. Will that cause a problem?? Is it too late to walk away??
Any help or advise would be great.
Thank you.
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