Here is our situation...filed bankrupcy last year...discharged in Nov 2010....we did not reaffirm anything!!!!! Have mortgage and heloc...plan to move to Florida in next 6 months and will leave house go. What will happen if we quit paying on the heloc now?
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Nothing that should concern you. The lender has no $$ claim against you. The debt was discharge. At some point someone will foreclose, probably the 1st as I assume you will stop paying that as well since you are moving. If you have an HOA you must continue to pay the dues/assessments until the title to the property changes (foreclosed).
Des. -
If your house is under water (as most in PA are) the owner of the HELOC won't even attempt to foreclose.
Once you stop paying the first, they will give you 90 days and then take you to the court for breach of contract. Do bear in mind that foreclosure in PA is judicial, so it takes longer to go through.
My guess is that if you were to stop paying both mortgages right now (as in not make the March payments) you could still be in the house come September if needed...
My $0.02 only...
Good luck.No person in their right mind files a Ch. 13 with lien strip pro se. I have.Therefore, please consider me insane and clinically certifiable when reading my posts, and DO NOT take them as legal advice of any kind.Thank you.Comment
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