Posted on: 06th Aug, 2011 09:27 am
After bankrupcy . I owe as much as the house is worth and I was thinking of just sighning the house over to the bank and walking away. The payment is to high for me, it's falling apart. But it is still something that I do own, and I would thing "is it in my favor to keep the house for credit reconstruction, or does it even matter. Should I just walk away?
Welcome lindarouthier,
If you haven't reaffirmed the mortgage and if the payments are too high for you, then you should contact the lender and surrender the property. The lender will foreclose it and recover the dues. If you haven't reaffirmed the mortgage, then the lender won't come after you in order to recover the deficient balance. Once this is done, then you can start taking steps in order to rebuild your credit.
If you haven't reaffirmed the mortgage and if the payments are too high for you, then you should contact the lender and surrender the property. The lender will foreclose it and recover the dues. If you haven't reaffirmed the mortgage, then the lender won't come after you in order to recover the deficient balance. Once this is done, then you can start taking steps in order to rebuild your credit.