My question involves bankruptcy in the state of: California
I was granted bankruptcy in 2008. I did NOT re-affirm the loan on the condominium, but I have stayed in the condo and paid the mortgage since the bankruptcy.
My monthly statements from Chase say that the debt has been discharged and they are not attempting to collect, and the statement is for my "information" only.
It is my understanding that continuing to pay the monthly amount will allow me to stay indefinitely.
Well, the condo is worth about $150k right now, and the mortgage is for $200k at 6.0%. If I refinanced (not possible since the condo is underwater) the monthly payment would be a third less than it is now.
I am considering just leaving and renting for the time being.
My understanding is that the bank will not be able to sue/collect the mortgage debt any longer, but that they will "foreclose" on the condo if I stop paying.
The "foreclosure" will be put on my credit report on the day the house is foreclosed, so instead of waiting 7 years from my bankruptcy to have good credit it'd be 7 years from the date of the foreclosure.
I do not know if I'd have to continue to pay the HOA fees, and if so , for how long? Is it until the bank requires me to move? Or can it be until the bank actually sells the condo to someone else?
I guess I'm just looking for an overview of the process.