We recently filed Chapter 7 and waiting for discharge. Our mortgage payments are up to date but we did not reaffirm. Car payment reaffirmed so credit reporting will be good on that end. Since our plan is to move within the next two years, our credit counselor has advised us to find an affordable apartment now. We would save about $1,000.00 a month by doing so. We are not underwater on the house but very close. If we put the home up for sale it would barely pay the real estate commission. We have been advised to put it up for sale and if it sells OK. But was advised to stop making the payments so we could save for an apartment. It would probably be around 5 months before the bank would take the house back or it sells. This would give us the opportunity to save about $10,000. We already know where we would like to live and know we could get an affordable apartment to rent.
The AnswerIf you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free. We Recently Filed Chapter 7 Bankruptcy and Now We Want to Let Our Home Go Back to the Bank. - Sheila by Steve Rhode