HELP! Do we file a Ch. 13? UNIQUE SITUATION.

[newbie2]

- What can I take from my current property? I know that techincally antyhing "connected" to the house is considered part of the sale, but I ask because we did a lot of upgrades (and the rental we would move into is outdated) and would want to take the following, but not sure the lender/bank would come after us for it? My logic is that these items can be stripped from property by anyone after us prior to the foreclosure sale, and in addtion since the property will be sold at a foreclosure price these items in or out of the hosue will add no value to the buyer, but a bring a ton of value to us.

Kitchen Cabinents and Counter Tops

Bathroom's hardware

Toilets

Backyard Fountain

Of course the kitchen cabinets, counter tops, bathroom hardware & toilets will have value to a buyer.
You will considerably lower the value of the house if you remove essential items. Lowered value = less
money the bank will recoup upon sale of the home. I know you don't care because you are wiping out
your debt to the bank through bankruptcy, but it still isn't right to strip your home as you are walking out
the door.

Don't strip your house. Lenders have been starting to come after homeowners who do this.

[Fred10]

Of course the kitchen cabinets, counter tops, bathroom hardware & toilets will have value to a buyer.
You will considerably lower the value of the house if you remove essential items. Lowered value = less
money the bank will recoup upon sale of the home. I know you don't care because you are wiping out
your debt to the bank through bankruptcy, but it still isn't right to strip your home as you are walking out
the door.

Don't strip your house. Lenders have been starting to come after homeowners who do this.

Newbie - thanks for feedback. Very helpful. WE're acuatlly not doing a bankruptcy, we're walking away from the home and letting it foreclose, that way we can rent for a bit and pay off all our debt on our own and save 20% or more for a down payment on a house in the future, so I was thinking that in a foreclosure those items won't make all that much of a difference especailly if I replace the kitchen cabinents with the old ones that were in there, since the ktichen cabinents are mainly the big thing I want to take. I can leave everyything else, but I want the kitchen stuff. But to your point, this may not be the "right" thing to do, but at the same time I paid a ton of money for all these udgrades and it kills me to leave them, especially if I can replace them with what I had before. Although if doing all of this is going to risk having the lender come after us, well then it may not be worth it. It just kills me that whoever is goign to buy the house is going to get such a steal on the price, that whether those newer upgraded items are in there, it won't make a difference ultimately becuase they will be buying it for what the house is worth or less! But again I am biased on my opnion because i want to bring those with me. Let me know your thoughts.

[newbie2]

Newbie - thanks for feedback. Very helpful. WE're acuatlly not doing a bankruptcy, we're walking away from the home and letting it foreclose, that way we can rent for a bit and pay off all our debt on our own and save 20% or more for a down payment on a house in the future, so I was thinking that in a foreclosure those items won't make all that much of a difference especailly if I replace the kitchen cabinents with the old ones that were in there, since the ktichen cabinents are mainly the big thing I want to take. I can leave everyything else, but I want the kitchen stuff. But to your point, this may not be the "right" thing to do, but at the same time I paid a ton of money for all these udgrades and it kills me to leave them, especially if I can replace them with what I had before. Although if doing all of this is going to risk having the lender come after us, well then it may not be worth it. It just kills me that whoever is goign to buy the house is going to get such a steal on the price, that whether those newer upgraded items are in there, it won't make a difference ultimately becuase they will be buying it for what the house is worth or less! But again I am biased on my opnion because i want to bring those with me. Let me know your thoughts.

Many people feel this way and are in your position - IE: Putting money in to our homes and not being able to recoup our losses. You're certainly not alone in your feeling this way.

If you want to replace items that is different than taking items and leaving nothing (stripping the home) Yes the bank will get less than it would if the home still had the upgrades. It doesn't sound like your state is a deficiency state, perhaps that is why you aren't worried that the bank will get much less than what it is owed.

[momofthree]

Newbie - thanks for feedback. Very helpful. WE're acuatlly not doing a bankruptcy, we're walking away from the home and letting it foreclose, that way we can rent for a bit and pay off all our debt on our own and save 20% or more for a down payment on a house in the future, so I was thinking that in a foreclosure those items won't make all that much of a difference especailly if I replace the kitchen cabinents with the old ones that were in there, since the ktichen cabinents are mainly the big thing I want to take. I can leave everyything else, but I want the kitchen stuff. But to your point, this may not be the "right" thing to do, but at the same time I paid a ton of money for all these udgrades and it kills me to leave them, especially if I can replace them with what I had before. Although if doing all of this is going to risk having the lender come after us, well then it may not be worth it. It just kills me that whoever is goign to buy the house is going to get such a steal on the price, that whether those newer upgraded items are in there, it won't make a difference ultimately becuase they will be buying it for what the house is worth or less! But again I am biased on my opnion because i want to bring those with me. Let me know your thoughts.

If you are taking the upgraded cabinets and putting the original cabinets back in their place, that shouldn't be an issue. Same for all the hardware in the home, ceiling fans, curtain rods, etc.

[Fred10]

Many people feel this way and are in your position - IE: Putting money in to our homes and not being able to recoup our losses. You're certainly not alone in your feeling this way.

If you want to replace items that is different than taking items and leaving nothing (stripping the home) Yes the bank will get less than it would if the home still had the upgrades. It doesn't sound like your state is a deficiency state, perhaps that is why you aren't worried that the bank will get much less than what it is owed.

Gotcha, thanks. Not sure what you mean by "deficiency state", that term is new to me.

I live in California and this is my preimary residence so from what I udnerstand they cannot come after me for the balance differnece between what it sells at and what was owed.