Letting house go after BK.

[bakergrl]

So we are DC'd and waiting for the close of our BK. We did not reaffirm the house and it is underwater but we decided to stick with the home for now.

But....found out that we may be transferred to another state in the next year or two, and that leaves us with a house that there is no way we can sell with the economy being the way it is and it has 2 mortgages on it.

Can we still walk away from this house if we have to?

Is there a time limit to do so, or can we walk away years from now?

If, we do need to walk away do we stop paying and let them foreclose or is there an option to just hand the keys over like you would a car?

Thanks!!!!

[angles]

What was explained to us is that if you list the debt and don’t reaffirm it, you can walk away at any time - even years later with no obligation.

The foreclosure process should be the same but without the deficiency and the daily calls. The bank is still obligated to follow the foreclosure laws in your state. Sometimes banks will ask you to do a short sale or DIL, and they make it sound good like you are helping the situation, but you have to be very careful because any contracts you sign may contain wording that you are responsible for the deficiency. I personally would not take that risk.

[jlmaca]

So we are DC'd and waiting for the close of our BK. We did not reaffirm the house and it is underwater but we decided to stick with the home for now.

But....found out that we may be transferred to another state in the next year or two, and that leaves us with a house that there is no way we can sell with the economy being the way it is and it has 2 mortgages on it.

Can we still walk away from this house if we have to?

Is there a time limit to do so, or can we walk away years from now?

If, we do need to walk away do we stop paying and let them foreclose or is there an option to just hand the keys over like you would a car?

Thanks!!!!

If you are leaving and giving up for sure, I'd stop paying the mortgage now.