mortgage

[ronaldk]

We are about a month away from our chapter 7 discharge. We did not reaffirm on any of our debt, including the mortgage. If we decide to walk awy from our current mortgage, how will it show up on our credit? Will it show up as a forclosure, or will it show as being discharged under the bankruptcy? Also, while we're in the bk is it possible to go into a rent to buy?

[JRScott]

Have you continued to pay the mortgage?

Did you include the Mortgage in your BK? When you did did you indicate you would surrender the property as part of the BK?

Just I think folks will need more info before they can really answer.

[ronaldk]

Yes, we have been paying the mortgage, the house was included in the BK because it is a part of our debt and our attorney said it must be included, we never planned on giveing the house up. And they have not asked us to reafirm. Our attorney said that is not unusal anymore for mortgage companies to do this. The problem now is my husbands work has not "picked-up" as the entire company thought it would and it is getting tough to make the payment, so I guess what we need to know is, seeing that it is included in the bk, if we walk away from the house will it appear as a forclouser, or will it read included in BK? I have heard that it is much harder to get a new mortgage once a forclouser appears on your credit. Plus we have a good chance at a rent to own right now. Is it allowed to enter into this type of rental while in BK? Both my husband and I are looking for part-time jobs, I certainly hope you don't have to tell the trustee about that too, cause I haven't worked in thirty years but I have three interviews for this week alone. Thanks for any advice.
nancy

[JRScott]

I'd go to your lawyer and see what he says. Perhaps he could tell you the best options.

I was trying to get more info for hopefully someone here better able to answer your question , maybe they'll be along soon I hope