Hello to this great group,
My wife and I are a few weeks from receiving our discharge and are making plans to stay in our house for as long as possible. What we are planning to do is to continue paying the first mortgage (even if we did not reaffirm it ) and not our second. Common sense suggests that the second mortgage has not reason to foreclose considering that our property is so much under water that its sale would not even cover the first.
They way we see it is that our first is less that rentals in the area and if we decide to leave the area, we would prefer to leave under our terms and not the bank's time frame.
Do you guys think that the bank holding the first would go to foreclosure even if we catch up with our loan payments?
Please help us see this as clearly as possible.
Thanks
My wife and I are a few weeks from receiving our discharge and are making plans to stay in our house for as long as possible. What we are planning to do is to continue paying the first mortgage (even if we did not reaffirm it ) and not our second. Common sense suggests that the second mortgage has not reason to foreclose considering that our property is so much under water that its sale would not even cover the first.
They way we see it is that our first is less that rentals in the area and if we decide to leave the area, we would prefer to leave under our terms and not the bank's time frame.
Do you guys think that the bank holding the first would go to foreclosure even if we catch up with our loan payments?
Please help us see this as clearly as possible.
Thanks