We are in the 60 day club..
we rec'd a mortgage modification and are current 1-2 months prior to filing CH7. We didn't reaffirm the loan and intended on staying here...for now. Our house is $100k underwater in addition to a $45k HELOC. Should the market not pick up any in say 6 yrs or 10 yrs...I know we can walk away from the house as it's included in the CH7...question is....will we then have a foreclosure on the credit report at the time we abandon the house or is it all wrapped into the CH7?
Once we build our credit back up we'd hate to screw it back up again.
we rec'd a mortgage modification and are current 1-2 months prior to filing CH7. We didn't reaffirm the loan and intended on staying here...for now. Our house is $100k underwater in addition to a $45k HELOC. Should the market not pick up any in say 6 yrs or 10 yrs...I know we can walk away from the house as it's included in the CH7...question is....will we then have a foreclosure on the credit report at the time we abandon the house or is it all wrapped into the CH7? Once we build our credit back up we'd hate to screw it back up again.