Michigan  |  Bankruptcy

Legal Question

Asked on: 4/27/07, 12:04 pm

Home Mortgage

My wife and I have a ARM that is due next month to change to a much higher rate. our house payment with escrow will increase to $2,264.00 a month payment. We can not afford this kind of payment. Unfortuantly we have over many years refinance our home to the limit, also with a second note to boot. We have credit cards, and a not so colorful credit history. I will be like to be able to retire from my place of employment in under 4 years. I have 33 years of employment in with the same employer. My wife is a at home grandmother, for our five year old granddaughter. We are both 51 years of age & seem to have exhausted all means of getting a lower house payment.

This coming January 1, 2008, we will have seven years from our past bankruptcy.

If all else has fallen, can we legally walk away from our house and the first and second mortgage obligations.

Thank you, I hope I have given you enough information to give an answer to.

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