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Need the EXPERTS here on my future...


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ok,we did a chapter7 that discharged in May,kept the house and the financed car but lost all the credit card debt.Never been asked to reaffirm house or car,yet.

now to our house,we are gonna leave the house to a nice rental home.we owe 173k plus 10k in home equity secured loan and the house value is only about 150k.as of now we are current on both but gonna stop paying today.

Im so lost at the moment,should i continue with the first plan of walking away from the house and move into new residence and try to forget about it OR move into my new residence and try to sell the house or work with the bank to give us a new mortgage thats fair?

thank you

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I'd at least give the bank a call. They haven't exactly foreclosed on the place yet, right? They may be willing to negotiate for either:

1. Restructure the loan under the new mortgage guidelines...

2. Pay you to vacate the premises. I'm not exactly sure what the name of this is...but...essentially they would rather you leave the place in sellable condition than trash it. And, its cheaper for them if they don't actually have to foreclose. They take over the house, and, if you leave it in good condition they may actually pay you to move. (When we did our BK7 back in 2004, the bank paid us $3000 to leave)

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thanks will

we are gonna move either way but will call the bank and explain what 'I" want to do,or am planning to do.

gets tricky now,should i wait to try to negotiate after not paying for a few months or call bank and try to negotiate the true value of the home(which could be 50k less!) mortgage agreement?

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