I was discharged in January 2010, I wanted to keep my home at first so I continued payments with no issues. The house has become too small and is looking like we will need some expensive repairs, I think I should just walk away since we have just had a child and 1 on the way. Question, how long does it take to foreclose on the home, I have made all payments and plan on stopping in May (have a first, second and SBA against the home) plus we owe way more than it's worth and my neighborhood has had 5 foreclose already and tons that have been on the market unsold for months and months. Back to the question how long do I have before the banks decide to kick us out. Navy Fed owns the second mortgage and Citimortgage holds the first, SBA has the third. Oh, I never reaffirmed anything so it's all discharged. Thanks
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Unfortunately, the way I understand it, there is really no reliable way to predict how long you have to wait. It depends a lot on the state and how "red-tape" your state is. I am in NY, incl my house in my BK and haven't made a payment in a year. Things are moving, but I think it will be at least another 6 months before it is done-done.
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