possible solution to my problems?

[julsmom]

We were confirmed this past week & have reported to our atty that we are legally separating, he is moving out & into an apartment by the end of the month. I am trying to work with EMC (who I hear horror stories) on trying to modify my ARM that is coming due..I think it is set to reset to the maximum this summer so my plan is to just stop paying it. I know they will have to go & file to lift the stay to foreclose on me. in the mean time, gonna save as much as I can to use for deposits & a rental. Atty told us by this time, trustee will be questioning...but alas we will now have 2 HH expenses & I figure they will end up washing each other out & we can have a new means test done (not expecting to be able to convert to 7 with our income) but perhaps lower the payment at that time even & then continue with the 13. Any thoughts???I am so lost & no atty is really able to give us sound advice on what I am thinking. Also how long can I possibly be in this house without paying, I am in VA? WE were 1 month behind going into the BK so my guess is at least 3 months but then for them to actually foreclose...that could take a while with all the ones they are doing. Anyone have any advice? Possible thoughts? Or in a similar situation? I really feel horrible about the entire situation as we went into this last year thinking we were fixing our problems, moving forward & now he has thrown away his marriage & his family & I am stuck to find away to start over. I am so depressed over the entire thing & feel trapped.

[lrprn]

First, I'm sorry to hear about your marriage problems. First bankruptcy and now this. What a terrible, sad time for you

Since you and your husband filed jointly, whether your husband is living with you or not, he still filed Ch 13 bankruptcy. Given that your household is now split, the logical thing to do is for both of you to sit down with your bk lawyer and figure out your best options.

If you can't dismiss the Ch 13 and individually file Ch 7s, then an amended Ch 13 plan that includes the expenses of two households is possible.

You asked how long you could keep the house if you stop making payments on it. Here's a link that explains the Virginia foreclosure law and what to expect on a timeline - http://www.foreclosurelaw.org/Virgin...losure_Law.htm . Unfortunately foreclosures can happen fairly quickly in VA, but with the clogged bk courts, your time in the house could be longer than indicated here.

Your lawyer can give you an idea of what to expect if you decide to walk away from the house. Please make an appointment to talk with him/her as soon as possible before you stop making house payments.

[mrinsane]

I'm in Idaho and according to the foreclosure law, the timeline is 150 days. I stop making my house payment and stay rent free for 515 days (roughly 17 months) before they foreclose my property. Now I'm renting from them (the bank) for 40% less than what my mortgage payment was. I guess with all the foreclosures that the banks have to deal with, it just take longer. I got the advice from my lawyer. The lawyer advice me that if the house doesn't get sold, I can stay in it. The thing is, my house never got listed and currently not listed. Good luck with your situation and hopefully everything gets better for you.

[AKA]

I got the advice from my lawyer. The lawyer advice me that if the house doesn't get sold, I can stay in it. The thing is, my house never got listed and currently not listed. Good luck with your situation and hopefully everything gets better for you.

So are you saying that if the bank never transfers the deed back to themselves or someone else in a sale, you can stay there indefinitely?

[mrinsane]

My original loan is Countrywide and than BoA took over and now Freddie Mac. I don't know about the indefinite part, but that's what my lawyer told me, but "he said he didn't tell me that". I also got it from the people managing my house for Freddie Mac. We made friends with them and they told us what we can and can't do (off the record of course). According to our new friend at Property Management, we can still get housing assistant if we decide to move right now (which was expired 60 after foreclosure (about 7 months ago)). This is my experience anyway.

[AKA]

My original loan is Countrywide and than BoA took over and now Freddie Mac. I don't know about the indefinite part, but that's what my lawyer told me, but "he said he didn't tell me that". I also got it from the people managing my house for Freddie Mac. We made friends with them and they told us what we can and can't do (off the record of course). According to our new friend at Property Management, we can still get housing assistant if we decide to move right now (which was expired 60 after foreclosure (about 7 months ago)). This is my experience anyway.

What is housing assistance?

[mrinsane]

I meant to say relocation assistance program. For my case, they offer $1,500 to move out at will, cause they can't force you out.