DH and I filed bankruptcy back in 2004/2005 (see sig line). We reaffirmed the truck loan, which has long since been paid off. The reaffirmation is listed on PACER.
The bankruptcy case was closed in 2005; no assets. The house was slightly over the exemption amount, but the trustee decided not to fool with it.
I'm 99% sure we didn't reaffirm with the mortgage company (I don't recall signing anything, and PACER makes no mention of it). Our payments were, and are, current, of course. We've lived here 15 years, and have somewhere around $20,000 - $25,000 equity built up.
A couple of weeks ago, we started experiencing problems with our septic tank system. It started out as a full septic tank and a clog ($600+), but this weekend it became apparent that the problem is more serious. It could potentially end up costing thousands of dollars, which we simply don't have.
Hypothetically speaking, what would happen if we just "walked away" from the house instead of having the septic tank system repaired/replaced? Just stopped making payments, and moved out?
The reason it crossed my mind is because the guy across the street just had to install a special kind of septic tank. I believe his cost was around $20,000.
I'm VERY worried that our system could be failing (or has already failed), and that we could be facing the same kind of expense. We live basically on the same hill, with the same soil (hard, rocky clay!), drainage, etc. At that kind of price, we'd be back to Square One as far as having the house paid off! 
SURELY it won't cost that much ... I hope ... but I'm just brainstorming and exploring our options.
The bankruptcy case was closed in 2005; no assets. The house was slightly over the exemption amount, but the trustee decided not to fool with it.
I'm 99% sure we didn't reaffirm with the mortgage company (I don't recall signing anything, and PACER makes no mention of it). Our payments were, and are, current, of course. We've lived here 15 years, and have somewhere around $20,000 - $25,000 equity built up.
A couple of weeks ago, we started experiencing problems with our septic tank system. It started out as a full septic tank and a clog ($600+), but this weekend it became apparent that the problem is more serious. It could potentially end up costing thousands of dollars, which we simply don't have.
Hypothetically speaking, what would happen if we just "walked away" from the house instead of having the septic tank system repaired/replaced? Just stopped making payments, and moved out?
The reason it crossed my mind is because the guy across the street just had to install a special kind of septic tank. I believe his cost was around $20,000.
I'm VERY worried that our system could be failing (or has already failed), and that we could be facing the same kind of expense. We live basically on the same hill, with the same soil (hard, rocky clay!), drainage, etc. At that kind of price, we'd be back to Square One as far as having the house paid off! SURELY it won't cost that much ... I hope ... but I'm just brainstorming and exploring our options.
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