Posted on: 11th Nov, 2012 11:26 pm
i am 14 months out of chapter 7 bankruptcy filing. the loan rate is extremely high. mortgage was not reaffirmed since it’s an underwater house. i really love the house and want to stay in it with my family for a long time. quicken is giving me a chance to fha streamline at 4% with no money out of pocket. i will also save money if i go for the deal. but i will lose the protection from the ch7 and the mortgage being discharged. i have a good job been at same place for over 8 years but in this day and age you never know, nice feeling knowing i could walk on the other hand throwing money away with a high interest rate stinks as well. can anyone give me some insight on this? thanks in advance.
Hi Carreeyy,
If you're confident about your job and afford to make the payments as per your new payment plan, then you can go ahead and reaffirm your loan by reopening the bankruptcy filing.
Take care
If you're confident about your job and afford to make the payments as per your new payment plan, then you can go ahead and reaffirm your loan by reopening the bankruptcy filing.
Take care
Hi Carreeyy!
Welcome to forums!
As you have not reaffirmed your mortgage in your Chapter 7 bankruptcy filing, you will not be liable for paying the deficient balance resulting from the foreclosure sale of the property after you walk away. Considering this, it will be a good idea to walk away from the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you have not reaffirmed your mortgage in your Chapter 7 bankruptcy filing, you will not be liable for paying the deficient balance resulting from the foreclosure sale of the property after you walk away. Considering this, it will be a good idea to walk away from the property.
Feel free to ask if you've further queries.
Sussane