Posted on: 03rd Apr, 2010 04:59 pm
I have been discharged in a Chapt 7 on First and Home Equity Line of Credit with BofA. I also have a third and fourth lien on the house due to SBA loans from a failed business. (That's why I filed bankruptcy to begin with)
I have continued to pay my mortgage and HELOC so we could stay in the house while I tried to work out an offer in compromie with SBA Lender. They have refused two offers. Say that there's 80k of equity and they want more.
I don't have any more money to give. So we've been paying "rent" in reality to BofA since they literally won't even talk to us saying they are not allowed to due to bankruptcy. All four mortgages combined definitely make the house upside down. First and second alone do not.
SBA Lender has done nothing in the last 12 months. I am considering stopping payments to BofA of first and second. And just move out in .....what else can they do? We just walk away. Personal liability discharged in Chapt 7. Only liens remain.
I have continued to pay my mortgage and HELOC so we could stay in the house while I tried to work out an offer in compromie with SBA Lender. They have refused two offers. Say that there's 80k of equity and they want more.
I don't have any more money to give. So we've been paying "rent" in reality to BofA since they literally won't even talk to us saying they are not allowed to due to bankruptcy. All four mortgages combined definitely make the house upside down. First and second alone do not.
SBA Lender has done nothing in the last 12 months. I am considering stopping payments to BofA of first and second. And just move out in .....what else can they do? We just walk away. Personal liability discharged in Chapt 7. Only liens remain.
I guess you haven't reaffirmed your mortgage while you were in bankruptcy. In that case, you're not personally liable for the payments. If you walkaway from the property, the lender will foreclose it to recover the dues but he won't be able to come after you for the deficient balance resulting from the sale.