Question about home

[broken64]

Hey all,
It has been awhile since I have been here. We were discharged & closed last year with our Chapter 7. Mortgage company BOA never reaffirmed home. Since we have been paying mortgage haven't heard much from them. However, our biz is getting ready to close, husband is making the wages he made 10 years ago & they won't work with us on the mortgage. We just cannot keep paying 1200 plus a month. I didn't want to lose the house but we are now house poor, because they didn't reaffirm the debt, can we walk away at this point? Thanks for any feedback I may get. Broken

[keepmine]

If you signed no reaffirmation agreement, the debt was discharged and you have no liability for any deficency balance.

[LimpDisc]

I wonder if they might work with you after you start to miss payments. I would stay in the house payment free until they force you out.

[CCsAreEvil]

Mortgage company BOA never reaffirmed home. Since we have been paying mortgage haven't heard much from them. However, our biz is getting ready to close, husband is making the wages he made 10 years ago & they won't work with us on the mortgage. We just cannot keep paying 1200 plus a month. I didn't want to lose the house but we are now house poor, because they didn't reaffirm the debt, can we walk away at this point? Thanks for any feedback I may get. Broken

I hear ya. I'm in the same boat as your husband but my wages go back to what they were "12" years ago! :| This economy is terrible (not a strong enough word IMO).

Anyways, I may be in your shoes in the near future. Didn't reaf and may make the choice to let the home officially "go". My guess is, if you stop making the mortgage payments, I think you are guaranteed at least 3 months of being "rent free" (stay in your home but stop paying). Most people these days are able to stay 6-12months, or even longer (again, rent free). So, with this money, you should probably be saving as much as you can. Also, you'll probably need first+last+deposit for your next place you plan to live in. Good luck!

[kar]

Hey all,
It has been awhile since I have been here. We were discharged & closed last year with our Chapter 7. Mortgage company BOA never reaffirmed home. Since we have been paying mortgage haven't heard much from them. However, our biz is getting ready to close, husband is making the wages he made 10 years ago & they won't work with us on the mortgage. We just cannot keep paying 1200 plus a month. I didn't want to lose the house but we are now house poor, because they didn't reaffirm the debt, can we walk away at this point? Thanks for any feedback I may get. Broken

One thing is to make sure is that all three of your credit reports are showing IIB with a zero balance. If you stop making payments and it is not showing IIB with a zero balance, it will start showing late payments which are not late. We have a first mortgage and HELOC with the old Countrywide now BOA. Both loans were discharged in our Chapter 7, and are still showing a balance and still updating our monthly payments on all three reports. We never have been late on these loans prior to and or after our discharge. We never reaffirmed them. Now that we are looking into letting the house go for lost of income, we are in the process of getting our credit reports to show IIB with a zero balance. We still receive monthly statements from BOA with a notation that we our under no obligation to pay either of these debts as they have been discharged in our bankruptcy and that they are not demanding payment and that the statements are for informational purposes only. Just make sure your reports are reflecting your discharge of the mortgage. It will be easier at this point in getting them to report correctly now then later if they start showing the late payments which are not late.

[Chowder]

Hey all,
It has been awhile since I have been here. We were discharged & closed last year with our Chapter 7. Mortgage company BOA never reaffirmed home. Since we have been paying mortgage haven't heard much from them. However, our biz is getting ready to close, husband is making the wages he made 10 years ago & they won't work with us on the mortgage. We just cannot keep paying 1200 plus a month. I didn't want to lose the house but we are now house poor, because they didn't reaffirm the debt, can we walk away at this point? Thanks for any feedback I may get. Broken

My BK closed last Nov. I'm also with BofA (no reaffirm), and have been exploring loan modification possibilities. If you thought the bankruptcy process was tough, you ain't seen nothing yet. Go over here and read some of the stories.

In short. Odds are better of getting hit by lightening than getting a viable loan mod from BofA.

[broken64]

Thanks for all the input, I value it greatly. Yes, I know Chowder BOA is impossible, I have tried for months and they will not budge. I really don't think they care one bit to have to sit on another house. Something has to change, we can't keep going on like this. I have been checking into rentals for the last week as that is the way we will most likely end up going.