We are at least $30000 underwater with our house and it needs another $30000 in repairs...and we aren't sure it's so wise to stay and dump all that money into our house...not to mention it will take years to fix this house (it's been a money pit from hell). We've been discharged (Chapter 7) and are awaiting the closing. Assets are being taken care of...not sure how long that will take. We did not reaffirm our mortgage. Does anyone have any suggestions on what would be the best route for us to take?? I've been thinking of just walking away but I don't even know if that's a possibility or legal...??
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Yes, you can walk..
If your BK has discharged and your mortgage(s) were included, then yes, you can walk away. The BK extinguishes any obligation to the lender, however the house is still their security instrument on the original loan and they can and will take it back. But, you are free to walk away at anytime. I'm surprised your attorney did not tell you that. -
When we filed for BK we did not even think of leaving our house...so we really never had an indept conversation about our options regarding our house. It was the trustee at the 341 hearing who said she thought it made more sense for us to walk away considering how much our house depreciated and the cost of the repairs that need to be done. At the time I wasn't absorbing everything she was saying because I was so overwrought but now that I have had time to think about it...it's making more sense to me.Comment
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