Posted on: 06th Nov, 2010 08:47 am
i included both mortgages in my chapter 7. i didn't reaffirm either one, but kept paying as to avoid foreclosure. overall mortgage balance is like 30-35k more than home value. i found an apartment that will rent to me and i will save a bundle once i leave this home. i guess if the foreclosure timeline is correct, i have about 5 months to stay here without paying. since the mortgages were discharged and nothing was signed, i am assuming that i can just go to the new apartment and not worry about this home anymore. are there any property issues (such as taxes, insurance, maintenance) for which i am responsible once i leave here. my bk was 2 years ago and my lawyer retired. i have read some posts that i am still responsible for the taxes and insurance even with the discharge. i have read others that say just pick up, leave and get the utilities out of your name. has anyone an answer for this? any comments appreciated.
Welcome Guest,
After a bankruptcy discharge, you won't be liable for the loan if you haven't reaffirmed the loan. However, unless the property is sold off, you may have to bear the insurance premiums and property tax payments.
After a bankruptcy discharge, you won't be liable for the loan if you haven't reaffirmed the loan. However, unless the property is sold off, you may have to bear the insurance premiums and property tax payments.