How would BofA treat mortgage if not paid...

[bankruptsee]

We're about 40 days from discharge. We're thinking about stopping payment on our house. We're current now and riding through. We're hoping to rent a house from my mother in law at half the cost per month.

Does anyone know if the bank (BofA) treats a bankrupt mortgage account that same as any other account... or do they move quicker on foreclosure?

I know that if I were to be more than 30 days past due, BofA would send out a bill requesting the past due amount and current amount... would they still do this since this house is included in bankruptcy?

I'm asking this specifically because it's not set in stone that we'd be able to move... I'd like the option to just be able to get current on this house in a couple months if things fell through with mother in law

[aljohnson007]

All depends how backlogged the attorney is. I stopped payments on a second home in June 08 and foreclosure still not finalized. The auto-stay was over on 8/31 and they filed for final judgenment on 9/01 and will take another 45-60 before it is sold.

[knotholeone]

Do you have to pay the difference in what it is sold for and what you owe. I am in ch 13 and juat starting my 5 yr plan. I pay my house outside of my plan. Can I walk away from my house anytime in the next five yrs since my 13 is that long?

[justbroke]

The real question will always be if you re-affirmed the mortgage in your Chapter 7. If you did, and you're in a recourse State, you could be liable for any deficiency created by the foreclosure.

(Since the new poster asked in the context of a Chapter 13, your mortgage won't be discharged at the end of your Plan. You have technically re-affirmed the mortgage by allowing it to go into your Plan and your Plan was confirmed. If you default after your Chapter 13 Plan is finished and you're discharged... then you may be responsible for any deficiency balance. In the context of a Chapter 13, once the plan is confirmed, it's extremely difficult to get a secured debt removed from the plan! Worse case, you surrender it, they sell it, then any deficiency becomes "secured debt" that you must pay through the plan!)