My wife and I plan to file Bk Ch 7 in Jan/Feb in Florida. At that point we will be 3 months late on CC's and mortgage, as our attorney recommended.
This will probably be just before the CC companies are taking legal action and Countrywide is moving toward foreclosure - I am guessing. We will be including the home in BK.
We can either arrange to rent in the next couple of weeks - we currenly don't have any of the lates showing up on credit and shouldn't for a couple of weeks. We should be able to rent in a good area and have most of our options.
... or we can live in our house without paying the mortgage for another 6 to 9 months before foreclosure. Then deal with renting with a BK on each of our reports. This way would let us save some money, we estimate about $600 per month, all things considered.
I see this issue touched upon in a number of posts. Even with a BK, I have read that we shouldl be able to find a rental, having more success through owner landlords rather than management companies. But, that issue still concerns us. We are not too concerned about the "embarrassment" issues that some have mentioned about staying in their home up until foreclosure.
I would appreciate hearing from others who have faced this issue and what they decided and if they feel they made the right decision. We are not sure what to do here and I realize much of this decision must be based on our personal situation. But, any comments would be appreciated. Thanks.
This will probably be just before the CC companies are taking legal action and Countrywide is moving toward foreclosure - I am guessing. We will be including the home in BK.
We can either arrange to rent in the next couple of weeks - we currenly don't have any of the lates showing up on credit and shouldn't for a couple of weeks. We should be able to rent in a good area and have most of our options.
... or we can live in our house without paying the mortgage for another 6 to 9 months before foreclosure. Then deal with renting with a BK on each of our reports. This way would let us save some money, we estimate about $600 per month, all things considered.
I see this issue touched upon in a number of posts. Even with a BK, I have read that we shouldl be able to find a rental, having more success through owner landlords rather than management companies. But, that issue still concerns us. We are not too concerned about the "embarrassment" issues that some have mentioned about staying in their home up until foreclosure.
I would appreciate hearing from others who have faced this issue and what they decided and if they feel they made the right decision. We are not sure what to do here and I realize much of this decision must be based on our personal situation. But, any comments would be appreciated. Thanks.
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