Strange Question: Didn't Reaffirm on Home

[Confused33]

I've got an out there question.

If we didn't reaffirm on our home and we have decided to relocate what do we do? We aren't past due and didn't miss any payments before or during the BK. The house is in my name alone, I filed alone, wife is clean and clear.

Should we walk away or try and sell it?

The honorable thing is definitely try to sell but I'm just wondering what my options are.

[Tbornetun]

You can do either. Your obligation to that debt was discharged with the bankruptcy.

[Confused33]

Damn... what about the neighbors?

I can't sell it and pocket the money can I? LOL hahahaha

[DebtEnder]

If you can sell if for more then the bank mortgage lien sure.

But no you will not get a clean title to sell unless you can pay off the lien first, or short sell it. To go to the effort to short sale for the bank benefit seems pointless to me.

But yea you could get an agent tell them how much you have to get to pay off the lien, how much they take off the top for commission, and how much you want to make for the trouble, and then sit back and see just how good an agent you can get As it's no big deal to you if it sells or not.

[moneytrouble]

I filed in February, claimed my home, but foreclosure has not started after 6 months of non-payment. I called them last week, to inform them I moved out before the discharge. They told me they have no foreclosure date, and they have no sheriff's sale date, and that I must continue to reside there until the sheriff's sale. They could not provide me with any time information, and seems like they are going to stall even more, it sounds like a year maybe. I know I am responsible legally for the condo until the deed transfers and just leaving it could bring lawsuits against me from the association. What do I do?? Moving into a new apartment was costly, and I cannot move back into the home ever.

[SCorpPain]

You can do either. Your obligation to that debt was discharged with the bankruptcy.

So, that is how it works. Do not reaffirm, then if you want to sell and can get more than you own you get to keep it. Or you can walk away from it.

I am considering staying in my house, after all I have to live somewhere, and moving is costly too. Since the bk is due to a failing business I believe I can maintain the mtg payments with a bit of belt tightening until I get another job. Then in two or three years, after the market turns around (we HOPE) I can sell it and at least get back what I put into it.

But, if the market continues to tank, then something happens and I cannot make the payment, I could walk away from it? Wow... I guess I better not sign anything reaffirming the loan.