Posted on: 15th Dec, 2009 08:51 pm
We are planning on filing Chapter 7 and we might want to keep the house temporarily (2 years) and then walk away or short sale it. Can we do that without any liability? House is 200k upside down
If you do not reaffirm and still want to keep the house, then you will have to continuously make your mortgage payments. If you stop paying the monthly dues, the lender will simply foreclose the property and recover his dues.