surrender current home; buy new

What is the name of your state? Indiana

Our Chapter 7 was discharged in July 2003. We did not reaffirm home due to owing more than what it is worth and the deteriorating condition of the home (foundation,etc.). We would like to purchase another home in 2 years. Which would make it easier to get a mortgage for another home: staying in this home while making voluntary mortgage payments until we find another home to purchace or leaving this home and renting another home; thus, making a clean break from our current home.

Would a lender even look at us if we are still living in the current home? We have no intention of selling the home; we will just walk away. It is included in BK7; therefore, we have no legal obligations. Also, we would not get nearly what is owed due to a falling market in our area.

I know from research that we should wait at least 2 years with clean credit to purchase another home.

Any help is greatly appreciated.

[HomeGuru]

[quote]Originally posted by nmc
[b]What is the name of your state? Indiana

Our Chapter 7 was discharged in July 2003. We did not reaffirm home due to owing more than what it is worth and the deteriorating condition of the home (foundation,etc.). We would like to purchase another home in 2 years. Which would make it easier to get a mortgage for another home: staying in this home while making voluntary mortgage payments until we find another home to purchace or leaving this home and renting another home; thus, making a clean break from our current home.

Would a lender even look at us if we are still living in the current home? We have no intention of selling the home; we will just walk away. It is included in BK7; therefore, we have no legal obligations. Also, we would not get nearly what is owed due to a falling market in our area.

I know from research that we should wait at least 2 years with clean credit to purchase another home.

Any help is greatly appreciated.

**A: you need to seel legal counsel as your interpretation is incorrect. If you did not reaffirm, the mortgage was not discharged. The Trustee just abandoned the property due to no equity. Therefore the property was not part of the BK estate, the mortgage remains intact and the lender continues to have foreclosure rights in the event of default.

Thank you, HomeGura. I will check this out.

[HomeGuru]

Originally posted by nmc
Thank you, HomeGura. I will check this out.

**A: Ok and post back your status.