Am I doing the right thing

[jlaperch]

I have a house with a 262 first mortgage and a 117 second. House appraises at 340.

No payments have been made since January...waiting for NOD to get into forced mediation.

Just from a financial standpoint...being 40 grand upside down...is it worth it to even try and save the house...or cut loss and move on?

I have no real super emotional attachment to house.

[SMinGA]

Impossible for us to answer that for you.

There is some equity in the 2nd, so you cannot strip it in a ch. 13. As to whether its best to stay or go - one thing to consider is whether you can rent elsewhere for less. If so, stay where you are for as long as possible and save to move.

[jlaperch]

already did 7...and discharged in oct 09. So kinda thinking this is last thing i need to purge from my old life to move on

[ssmdem]

If you can rent for cheaper, I'd do what was suggested above. I'm so ready to move on and put all of this behind me.

[nervous1]

Spin off on this ???...what happens to a HELOC in bankruptcy (Chapter 7)?

[SMinGA]

It gets discharged - but if you want to keep the house then you need to keep paying, or work out a settlement eventually w/ the HELOC lender to release the lien.

Spin off on this ???...what happens to a HELOC in bankruptcy (Chapter 7)?