My husband and I filed for Chapter 7 last year and were discharged in early February. The mortgage and second mortgage were included and were discharged and we have not reaffirmed them.
Given the real estate market around here (we're in MA) and the fact that we are completely upside down on the house, we have decided to walk away from the house. I've been doing research on the foreclosure process but am still confused about situations where one technically has no legal obligation to the mortgage due to discharge. Does anyone have any insight into the foreclosure process when the mortgage was previously discharged and not reaffirmed? Will our lender contact us, or our attorney? How will this appear on our credit reports - just as the mortgage being discharged or that a foreclosure occured?
Also, if a lender ends up buying the property at auction, how long does it usually take before title transfers out of our names?
Thanks in advance for your help.
Given the real estate market around here (we're in MA) and the fact that we are completely upside down on the house, we have decided to walk away from the house. I've been doing research on the foreclosure process but am still confused about situations where one technically has no legal obligation to the mortgage due to discharge. Does anyone have any insight into the foreclosure process when the mortgage was previously discharged and not reaffirmed? Will our lender contact us, or our attorney? How will this appear on our credit reports - just as the mortgage being discharged or that a foreclosure occured?
Also, if a lender ends up buying the property at auction, how long does it usually take before title transfers out of our names?
Thanks in advance for your help.