Reaffirming mortgage or walk away after almost 2 yrs of ch 7 bankruptcy discharge
This is a discussion on Reaffirming mortgage or walk away after almost 2 yrs of ch 7 bankruptcy discharge within the Bankruptcy Law Questions forums, part of the Legal Questions & Answers Forum category; We are in wa state, discharge from ch 7 bankruptcy april 2012. We are looking to relocate across the country this spring due to possible job transfer. We are weighing ...
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Reaffirming mortgage or walk away after almost 2 yrs of ch 7 bankruptcy discharge
We are in wa state, discharge from ch 7 bankruptcy april 2012. We are looking to relocate across the country this spring due to possible job transfer. We are weighing all options on our current home loan. We have owned this home for over 6 years, kept our home in the bankruptcy but never realized anything about reaffirming. We obviously never did this since we recently got our credit report and our mortgage is not on there at all. We are disappointed because this was our one great thing, never late, always on time and in great standing. But now that we are looking to sell and move we dont know what to do. What are the consequences of walking away from this home? How will it affect buying a new home in the future? We owe more on this house than its worth and were looking into selling via assumable mortgage, our interest rate is pretty low for the area we are in. We dont want to walk away but we also wanted our great credit on this mortgage to show up and be in our favor, but now its not and seems pointless to continue in this house.I did some research that a foreclosure wont show up on our credit if we did not reaffirm but dont want to take any chances, is there anyone that has any ideas of these laws in Wa state? THanks
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