Alright, here are the details. CH7 in 2008, did not reaffirm either mortgage. Stopped paying on 2nd in May of this year. We know they will not foreclose but looks like they really don't want to settle for anything so... we are thinking of just walking from the house. But, here is where it gets tricky. We moved and have been renting the house out to a great couple but after the first mortgage, property taxes, insurance, HOA fees and up keep, we are actually losing money on the house. And, to make matters worse, even without the 2nd mortgage we are still upside down as the avg. "listing" price in our neighborhood based on price/sqft. for our house would be around $95k while we owe $108k on the 1st alone. The 1st is with BoA and if we do a strategic default, what would be the minimum time line to stop paying without our tenants being evicted? They will be out next June. Oh, and this is the state of Texas.
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9/03/08...Chapter 7 Filed
10/06/08...341 Meeting Done!!! No Objections
12/08/2008...Case Discharged and Closed!!! -
Just a couple ideas until some other advise shows up. You might want to do a search on google for hamster wheel loan for another place that goes in depth on how to manipulate the foreclosure time, there are many people on there that are doing this right now. Also I do know there are laws now for tenants that are living in foreclosed homes so you may want to do a search for that also.Hired Attorney 8/28/10 Filed Chapter 7 11/08/10 341 12/14/2010 Report of NO DISTRIBUTION 12/15/2010
Waiting for February 14 2011, date objections due. 
DISCHARGED and CLOSED 2/15/2011
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Panda,
Thank you. I will visit my good friend Google and see what he has to say. Thanks again.9/03/08...Chapter 7 Filed
10/06/08...341 Meeting Done!!! No Objections
12/08/2008...Case Discharged and Closed!!!Comment
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