Posted on: 08th Feb, 2010 01:35 pm
Filed Chapter 7 in 2007. Both my first and second mortgages are included in the bankruptcy. No reaffirmation agreements were signed. Have continued to live at the residence and making current payments on the property. After some research, I have figured out that I am about 40k under water in the house. My new wife and I are looking at new houses to move to. What action can the mortgage company take against me if I walk away from the house? GMAC is the lender for both mortgages. If I do walk away, what happens with summer and winter taxes.
Thanks for any advice.
Mike
Thanks for any advice.
Mike
Hi,
You included the two mortgages in bankruptcy and you didn't reaffirm them. Am I correct? Have you got discharged from bankruptcy? If you've been discharged from Chapter 7, you don't have to pay off the mortgages. If you walk away from the property, the lender will not come after you and the foreclosure will not affect your credit scores. However, the bankruptcy will remain on your credit for about 7 years.
You included the two mortgages in bankruptcy and you didn't reaffirm them. Am I correct? Have you got discharged from bankruptcy? If you've been discharged from Chapter 7, you don't have to pay off the mortgages. If you walk away from the property, the lender will not come after you and the foreclosure will not affect your credit scores. However, the bankruptcy will remain on your credit for about 7 years.
yes, that is correct. the bankruptcy was discharged in june 08. i have kept current on all payments for the 1st and 2nd mortgage. when i pulled my credit reports, i noticed none of the reports show that i have been making payments and both gmac mortgages show included in chapter 7 bankruptcy.
any idea on how the property taxes work when you walk away from a house. i know normally when someone does not pay their property taxes, they can take the property. if i walk away from it, is it up to gmac to keep current on the taxes, or can they come after me for the property taxes?
thanks again.
any idea on how the property taxes work when you walk away from a house. i know normally when someone does not pay their property taxes, they can take the property. if i walk away from it, is it up to gmac to keep current on the taxes, or can they come after me for the property taxes?
thanks again.
Hi Guest,
If the property is still in your name, then you would be considered responsible for the property taxes. You can surrender the property to your lender. The lender will foreclose the property and sell it off. Once he does so, you won't be responsible for the taxes.
Thanks
If the property is still in your name, then you would be considered responsible for the property taxes. You can surrender the property to your lender. The lender will foreclose the property and sell it off. Once he does so, you won't be responsible for the taxes.
Thanks