Expert: Terry Leeders - 8/11/2009

Question
We filed in Sept 08 and this was discharged in Dec 08.  We did not reaffirm our home.  There are two mortgages and we are thinking of letting the house go back.  If we were to stop making payments how long would we be able to remain in the home?  Should we make the final payment on the taxes?  Would we have the right to sell the home?  If we were to relocate would we be able to purchase another home that is more affordable?

Answer
you can stay in the home until the foreclosure is complete, which can take upwards of 6-9 months in some cases.
You can still sell the home too before the foreclosure is complete.  
It would be up to the future lender to qualify you for the loan, but you should be able to purchase real estate again if you can show the bank you can afford it.