Posted on: 28th Jul, 2010 03:53 pm
Hi,
Our two mortgages were included in our Ch. 7 BK last September. We haven't paid our 2nd mortgage since then. We were trying to negotiate and got nowhere with Bank of America (who has since sold it to a company, that must like not getting paid the $93,000) . About 5 months ago we stopped paying the first (about $242k left on that one). House was appraised during the BK at $241,000.
We have found an apartment are almost finished moving out the end of the month as we want to get situated during the summer and before school starts in the fall.
Is it worth trying to get a Deed in Lieu so we can start the clock on rebuilding our credit on our timeframe or just wait until they go through with the foreclosure? Can we even do a deed in lieu with 2 mortgage companies?
Also, do we need to pay taxes/insurance if we are gone?
Thanks so much!!
Our two mortgages were included in our Ch. 7 BK last September. We haven't paid our 2nd mortgage since then. We were trying to negotiate and got nowhere with Bank of America (who has since sold it to a company, that must like not getting paid the $93,000) . About 5 months ago we stopped paying the first (about $242k left on that one). House was appraised during the BK at $241,000.
We have found an apartment are almost finished moving out the end of the month as we want to get situated during the summer and before school starts in the fall.
Is it worth trying to get a Deed in Lieu so we can start the clock on rebuilding our credit on our timeframe or just wait until they go through with the foreclosure? Can we even do a deed in lieu with 2 mortgage companies?
Also, do we need to pay taxes/insurance if we are gone?
Thanks so much!!