Walking away...who (if any) do we notify?!

[youngnbroke]

After much deliberation, we're walking away...(mortgage discharged in chp 7) But now what?!! Do we simply pack our things and go?! Or should we write a letter to the mortgage company and their lawyers letting them know that the condo will be vacant? I plan to cancel the insurance and turn off utilities, but just not sure if its necessary to go out of our way to tell the bank?! I'm also wondering if we'll still be responsible for the condo fees...from everything i've read, we are....

I'm waiting for a callback from my bk attorney...hoping he can shed some light on this ordeal, but any thoughts or references are greatly appreciated!!

[ScaredINMich]

I'm wondering the same thing....I need to call my lawyer, but haven't yet.

[youngnbroke]

UPDATE! Attorney called back, he suggested that we send the letter to the lawyers and the mortgage company letting them know the date we vacate, and ask that they take possession as quickly as possible. He also said that the mortgage company will have the place insured. On the condo fee side of it, he said that the condo fees stay with the property - just like the property taxes...but suggested we continue to pay as long as we are living there. Our next fees are due July 1st, so we're paying those and then depending on the bank to pay the rest! PHEW!

[DEBTCHAINS]

I'm confused, don't know the whole story here, but if you're walking away, why pay anything? Shouldn't you sit as long as possible and sock money away?

[youngnbroke]

We have been continuing to pay the condo fees while the courts do their thing with heading towards FC...from what i read, i thought the condo fees were something we were responsible for until the deed got transferred. As far as the mortgage goes, we stopped paying that last year! Just for some reason, i thought we still had to pay the condo fees, and according to my atty it was "safer" since we were still living here, but since we'll be moving in August, we can stop..?! Idk but it sounds good to me, i was thinking i'd be paying these fees every 3 months until the deed gets transferred!

[DEBTCHAINS]

Oh, okay, I understand. I'm not up on all the laws regarding the condo fees, but have read similar stories. Obviously, the mortgage is the big chunk, and if you're not paying that, there ya go! Good luck with everything.