Re: Walking away

Posted by Janet Kistler on April 30, 2008 at 11:16:36:

In Reply to: Re: Walking away posted by Mac on April 25, 2008 at 13:55:43:

Due to elimination of a job, we have to relocate and our home is not in a market conducive to a quick sale. Further, our negative amoritization is $1,000.00 per month and we are at 101.1% LTV. We have a discharged Chapter 7 effective 12/13/07 and our lender failed to file the reaffirmation of debt agreement in the timely fashion as ordered by the Federal Court. Our attorney tells us that we could "walk away" with no additional liability. As difficult as this scenario is for us, that seems like the only plausible thing to do. Do we inform the lender of our intentions or just let the foreclosure process run its course?

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