Posted on: 24th Aug, 2009 08:29 pm
Got a Chapter 7 discharge last Nov, 2008 did not reaffirm the 1st and 2nd mortgages with GMAC. We're still trying to get a Loan Mod from them since Jan of this year. I am now about one month behind to show them I'm in "Immenent default" and in need of help.
Any ways, our FICO is about 650, we have only one other payment...Car loan at $325/month. Also, I make $72k/year and have had the same job for over 6 years, always paid our bills on time.
Is there hope for us to just leave this house now and purchase another in the area since our balance owed on this home is officially $0.00????
I'd like to wait and amass a sizeable down payment prior to GMAC getting around to us and taking our home.
Any ideas? We're upside down by $200k, house worth $190k, owe $390k.
Thanks
Any ways, our FICO is about 650, we have only one other payment...Car loan at $325/month. Also, I make $72k/year and have had the same job for over 6 years, always paid our bills on time.
Is there hope for us to just leave this house now and purchase another in the area since our balance owed on this home is officially $0.00????
I'd like to wait and amass a sizeable down payment prior to GMAC getting around to us and taking our home.
Any ideas? We're upside down by $200k, house worth $190k, owe $390k.
Thanks
kdowhower
If it is showing 'discharged off' remark on your credit report then you could go for the new loan.you said that you do not owe anything officially but do you hold NC letter from the lender about the loan?
As of now your score is 650 then I think it will be a good bet if you can search for a good home nearby and apply for mortgage .
If you are upside down by $ 200 K it was a wise decision to declare the BK
A fresh new start... will always give you a catious approach in coming future in all your financial dealings.
If it is showing 'discharged off' remark on your credit report then you could go for the new loan.you said that you do not owe anything officially but do you hold NC letter from the lender about the loan?
As of now your score is 650 then I think it will be a good bet if you can search for a good home nearby and apply for mortgage .
If you are upside down by $ 200 K it was a wise decision to declare the BK
A fresh new start... will always give you a catious approach in coming future in all your financial dealings.
As you've not reaffirmed your mortgage debts with your lender, you are not personally liable for the mortgage. Thus, the lender will not accept your request for a loan modification now. As you are not personally liable for the mortgage, you can surrender the property to the lender.
As far as buying a new property is concerned, you'll have to wait for 4 years to get a conventional mortgage and 2 years to get a FHA loan after discharge.
As far as buying a new property is concerned, you'll have to wait for 4 years to get a conventional mortgage and 2 years to get a FHA loan after discharge.