Posted on: 21st Dec, 2010 04:37 am
I filed chapter 7 a little over a year ago, I retained my home but B of A would not reaffirm my house. I want to know can I still walk away from my house. And can I purchase a nother home will doing this!
Hi slinky!
Welcome to forums!
If you haven't reaffirmed your mortgage with the lender, then you're not personally liable for the mortgage dues. You can surrender the property to the lender and walkaway from it. You won't be able to get a loan now. In order to get a FHA loan, you'll have to wait for 2 years after the discharge. If you want to go for a conventional loan, then you'll have to wait for 4 years after the discharge.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you haven't reaffirmed your mortgage with the lender, then you're not personally liable for the mortgage dues. You can surrender the property to the lender and walkaway from it. You won't be able to get a loan now. In order to get a FHA loan, you'll have to wait for 2 years after the discharge. If you want to go for a conventional loan, then you'll have to wait for 4 years after the discharge.
Feel free to ask if you've further queries.
Sussane