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calrey79 · Joined: 19 Oct 2010 Posts: 1 1.43 Dollars($)

We are in Calif. We were discharged in dec 09 on a chap 7. Although we wanted to keep paying our house our lawyer included it in the bankruptcy because we had no equity to protect. We went to BOA for a loan mod. and finally got it approved last month. They are now working on the 2nd mortgage. Unfortunately, due to other reasons we would like to move and possibly rent if possible. If we just walk away, are we still free of liability for both loans. The house is worth much less than the first mortgage and if I sell, there is nothing to gain due to no equity. The bank benefits on shortsales but not the seller. We are thinking of walking away even with the hit on our credit but we are both seniors and not to concerned with that at this point in our lives so should we stop paying and live until told to leave or leave sooner?

jameshogg · Posted: Tue Oct 19, 2010 9:19 pm Post subject:

Hi calrey,

I hope you haven't reaffirmed your mortgage. In that case, you'll be able to walkaway from the property and you won't have any liability toward the loans. The lender will sell off the property to recover the dues.

Thanks

Guest

We have never signed any paperwork to that effect except for the loan mod itself. I take it that that is not a reaffirmation?

jameshogg · Posted: Tue Oct 19, 2010 9:43 pm Post subject:

Hi calrey,

As you haven't signed any other documents while you were in bankruptcy, I don't think you've reaffirmed the mortgages.

Thanks

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