Posted on: 09th May, 2010 09:52 pm
Filed for CHP 7 BK and discharged NOV08, did not reaffirm and have since been trying to get a loan mod / negotiation with GMAC to no avail.
Stopped payment in AUG09, have not payed since and have been offerred Trail plan at $200 higher than old loan payment!!! Told them to stuff it.
What can we do???Our BK lawyer says sit it out and let them make the next move. We have family with 5 kids and one on the way!!! Talsk about stressed!
Can we give them back the house with no ill affect to our credit? What about their liability in not getting resolution faster?
Stopped payment in AUG09, have not payed since and have been offerred Trail plan at $200 higher than old loan payment!!! Told them to stuff it.
What can we do???Our BK lawyer says sit it out and let them make the next move. We have family with 5 kids and one on the way!!! Talsk about stressed!
Can we give them back the house with no ill affect to our credit? What about their liability in not getting resolution faster?
As you haven't reaffirmed the mortgage, then you are not personally liable for the mortgage. If you walkaway from the property, then the lender will foreclose the property but he won't come after you for the deficient balance. However, the foreclosure will have a negative affect on your credit report.