Hi from Houston TX. We just had our 341 meeting (5/19) and our status message on Pacer states the trustee needs additional time. We have a mortgage with Chase that we are upside down on, and my question is what affect will the existence of mortgage insurance being on the mortgage have on the foreclosure process should we elect not to 'walk away'? Will this make them (Chase) more aggressive? Should we expect less time to hear from them should we stop paying?
We really did not know that we had the option to not-reaffirm if we used the mortgage as part of our means test, so we had not considered walking away. We don't really want to part with our house, but we have to consider the situation where we might need to part with it (for a work transfer etc) and being left with a big liability that we can't get away from.
Since filing we have found this forum and we are pretty much reeling with the new information here!
Thanks all
We really did not know that we had the option to not-reaffirm if we used the mortgage as part of our means test, so we had not considered walking away. We don't really want to part with our house, but we have to consider the situation where we might need to part with it (for a work transfer etc) and being left with a big liability that we can't get away from.
Since filing we have found this forum and we are pretty much reeling with the new information here!
Thanks all