Stay or Go??

[berry417]

Hello. Sorry for the length of this, but I could use some advice...We were just discharged from our chapter 7, and we did not reaffirm our 1st or 2nd mortgage. We are signifigantly behind on both accounts, and neither bank is going out of their way to work with us. We have submitted the modification packet to the 1st mortgage, but even if we qualify for an inhouse modification, we will be totally upsidedown on our house. We would never be able sell for what we own on it. Our 2nd mortgage company is just being downright nasty. The day after the discharge they (Greentree) started with the calls. They are literally screaming at us on the phone that we need to send them money. I will not send them money untill I know what the 1st mortgage company is going to do...They continue to call and try to scare us.
As of yesterday, I found out that the first mortagage company has put us into foreclosure. At this point, we are tempted to walk away and start fresh somewhere else. Possibly rent a house for a few years. Are there any consequences for walking away from your mortgages? Do we owe them anything? About how long do we have to stay in the house once we are put into foreclosure (we live in WI)? Thanks for any advice!!

[Pandora]

I do believe calling you after you've been discharged - is a violation..... your mortgages have been discharged - they cannot harrass you for payment if you did not reaffirm. Your personal liability for the loans has been discharged - if they want to foreclose, so be it - I dont believe they can come after you once the discharge has occurred.

Tell the 2nd to go pound sand..but nicely

[jmanford]

[HHM]

The Clash, 1981
Should I Stay or Should I Go
Album: Combat Rock

Opps, answered the wrong question

[willsurvive]

Personally, I would start screening your calls. Our landline we just don't answer anymore, and we rely on our cell phones.

No, you don't owe them anything at this point. The debt has been "forgiven" through the bankruptcy. At this point, legally they have to foreclose on you to get the house out of your name. Do you know if you are a judicial state, or a non-judicial? That can give us some where to help you with a timeline.

[Pandora]

The Clash, 1981
Should I Stay or Should I Go
Album: Combat Rock

Opps, answered the wrong question

Sorry but I LMAO on this....

*puts combats on and spikes hair* ahh the good old days....

[berry417]

Thanks for the feedback.
Wisconsin is a judicial state. What exactly does that mean? About how long do we have to stay in the house? Thanks!!

[willsurvive]

In a judicial state, the foreclosure process can take a few months to a few years depending on how behind the courthouse is. The foreclosure process generally takes longer to complete than a non-judicial state. A homeowner who lives in a judicial state can stop foreclosure at any time by bringing their mortgage payments current.

Not sure on the exact time, but I do believe judicial states do take longer than non-judicial, so that is in your favor.