Posted on: 12th Dec, 2008 05:29 pm
heres the deal my bankruptcy was discharged over 3 years ago i did not reaffirm with the mortgage company but i stayed in the house and kept making payments .my credit report states that the mortgage was discharged with a balance of 0 dollars owed .my question is iwhat would happen if i tried to get a loan for another house and walk away from the one i am living in now ?
Hi volpar,
You have mentioned that your bankruptcy has been discharged 3 years ago and you owe nothing on the property. You can start looking for FHA loans. There are chances that you will get FHA loans. However for conventional loans, you'll have to wait till 4 years after discharge.
As far as walking away from the property is concerned, I don't think its a good idea. If you do not owe mortgage on the property, you can try selling off the property and then try for purchasing another property. If you can sell off the property, you will at least get a good amount for paying the down-payment.
Thanks
You have mentioned that your bankruptcy has been discharged 3 years ago and you owe nothing on the property. You can start looking for FHA loans. There are chances that you will get FHA loans. However for conventional loans, you'll have to wait till 4 years after discharge.
As far as walking away from the property is concerned, I don't think its a good idea. If you do not owe mortgage on the property, you can try selling off the property and then try for purchasing another property. If you can sell off the property, you will at least get a good amount for paying the down-payment.
Thanks
most definitely, walking away from your current home will do you no good whatsoever in attempting to obtain a new mortgage.
think about it - why would a lender want to give you a mortgage if you've already demonstrated that you're willing to walk away from one?
think about it - why would a lender want to give you a mortgage if you've already demonstrated that you're willing to walk away from one?
maybe i did not explain it properly .the mortgage on the house i am living in now was discharged in the bankruptcy because they did not want to reaffirm the mortgage with me so after the bankruptcy i stayed in the house and continued making the payments every month .now that i am upside down and cant afford to make the payments on this house any longer im wondering if i walk away from this one will i have any liability to the loan since it was discharged in the bankruptcy ?
that is more properly a question for the bankruptcy trustee or the court itself, i think.