I filed for bankruptcy back in 2005. I never reaffirmed my loan but have been living here ever since, making good faith payments. We are looking into buying a new home and new mortgage company is making me jump through every hoop there is. The property for the house that was included in the bankruptcy is still in our names. The new mortgage company is saying that if we walk away from the old mortgage it will take 2 or 3 yrs for us to beable to get a loan. What my question is, if I never reaffirmed, if I just walk away from the house will the forclosure show up as included in bankruptcy or will it show up as of the date it forcloses....meaning we will have to wait the 2 or 3 yrs. Just so fed up with this mortage guy.
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The mortgage/loan on the house was included in bankruptcy - that will not change and so there will be nothing new to report on your credit.
"Foreclosure" is not a monetary transaction for you - its the way the house goes back to belonging to the bank. Simply a procedure to change ownership. Its generally 3 years after a foreclosure before you can get another home loan. Not because you owe for the old house - but simply because you experienced the foreclosure.Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.)
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