Walking away from my home

[Gabriel_S]

Hi all again,

My ex and I are thinking of getting back together again. she has her own home. My current mortgage including escrow is 2100.00/month. I simply can't afford this anymore. I've been current on my payments but this month I am way short. No way i could pay the mortgage, auto loan and bills and still stay afloat. I have NOT reaffirmed my mortgage in writing nor my car payment. Matter of fact I have yet to even receive any reaffirmation paperwork from either.

If I stop making my mortgage payments, will the Country wide be able to pursue me for the loss and add the Foreclosure to my credit report along with late payments even though my BR is complete and closed?

BTW I live in WA State.

Happy Easter all !!!
Gabriel

[StartingOver08]

Since you did not reaffirm and you have completed (discharged) your Ch 7, you can walk away and Countrywide can not come after you for the deficiency. They will have to go through the regular foreclosure proceedure. Your credit report should only reflect the BK and not the foreclosure.

[AfraidOfBK]

How is this possible if Gabriel did not include the home in BK? Does a ride through still exempt you from companies coming after you if you miss pmts later?

I ask because I am in the same situation with my home and thinking of not reaffirming the cars (but I NEED to keep them, so Ill reaffirm if i HAVE to....just would rather protect myself from future repo)

So if Im already missin ghouse payments and dont reaffirm house, and dont check the surrender box either - does this mean I can still walk away from house and not fear a deficiency?

[StartingOver08]

You have to include ALL of your debt in the BK. Gabriel included his home, he just did not reaffirm the mortgage with the lender - in effect he "paid through" on this mortgage. But his personal liability was released when his BK 7 was discharged so the lender can foreclose on the home (take the collateral) but not go after Gabriel personally.

Afraid, if you are filing a Ch 7 and you are behind in your house payments, the lender will lift the automatic stay to continue the foreclosure. For you it makes since to just surrender the home. It takes many months to foreclose (depending upon your area) - why would you not surrender your home in the BK?

[Gabriel_S]

Startingover, thanks so much for your knowledge and willing to share! Yes, my mortgage payments were current up to this month. NEVER missed a payment. Times are hard right now, I believe the magic key to a successful BR is letting go of your home.

I was planning on reaffirming both my home and my car but after reading all the great advice on this forum it makes absolutely no sense to me to reaffirm anything.