Have to Walk Away from My House

[Eli]

I was a real estate developer and lost millions. House mortgaged to the hilt, way upside down. I'm filing Chapter 7 and walking away from it.

My question is, do we have to clean it? What if I leave behind some worthless stuff? What if I take the refrigerator?

Can the bank come in and generate charges for cleaning or painting or anything else?

[BROKENN]

Hi
I didn't clean mine, I did leave some stuff, I did take the stuff I bought and I didn't wreck it! I left a little early and they were happy to take all my gate codes and send a security guy over on moving day. It was painless and easy (on that part anyway )

[Eli]

Hi
I didn't clean mine, I did leave some stuff, I did take the stuff I bought and I didn't wreck it! I left a little early and they were happy to take all my gate codes and send a security guy over on moving day. It was painless and easy (on that part anyway )

Thanks for responding. I've been here 8 years and have a lot of stuff. I'm 65, and I have to start over. My wife is 50 and I have burned through my estate, so if I drop she is without means.

I went Chapter 7 twenty five years ago and it was a celebration of relief. Now, it is like the last tolling of a bell.

Thanks again.

[BROKENN]

Hang in there! There is always a future. Look at the Cats'!
Good luck

[Eli]

Hang in there! There is always a future. Look at the Cats'!
Good luck

I'm sorry if I sounded too depressed; it is bad to walk away from sweat and investment. The good news is that I've returned to doing what I did before real estate development the projections for next year are extremely good.

One door closes...another opens

[TEW]

I'm sorry if I sounded too depressed; it is bad to walk away from sweat and investment. The good news is that I've returned to doing what I did before real estate development the projections for next year are extremely good.

One door closes...another opens

lots of us have to do it Eli. I put about 20K into mine after I bought new. 3 years ago. I put a big chuck down on it. We look at as an anchor now it's not even home.
I will not going to wreck the house in fact I am going to blow out the pipes and make sure it's secure.
good luck

[evilxs]

Just don't trash the place But even then I am not sure they can do much. I just left mine as is and I did sell the fridge! If your next place doesn't have one take it with you for goodness sakes. You don't have to clean the carpet or anything like that at all. They weren't a landlord, you didn't have a contract to clean the carpet every year. Take everything that wouldn't normally sell with a home and take the fridge, washer and dryer, and if the microwave is not built-in or attached under the stove no guilt there either. I took all of the draperies as they were expensive and certainly didn't come with the home when I bought it. I also took the upgraded shower rods as hey I paid cash for the 50 dollar rods and they look great where I am now. These are things I won't have to try and re-afford later.

You are having to move out but remember the only part of your home that is theirs is the home itself. I also took the garden hose reels and yard decorations, etc.

[BK2008]

I'm taking the garage door opener with the remotes (actually, I sold it, the buyer is coming to remove it Sunday) and the plantation shutters on the windows. Don't know if I'll ever use it again, but it was not part of the home when I bought it. They were after-the-fact.

[StartingOver08]

Eli says: "Can the bank come in and generate charges for cleaning or painting or anything else? "

To answer your question, the bank will generate those charges anyway - if the house is clean or not. If you eventually file BK it will not matter if you are filing on $2M or $10M.

Once you stop paying the mtg servicer begins their extra charges. As you continue to not pay, more and more charges are added to the default interest rate. It is a way for the servicer to generate extra income. These charges come in all flavors, from late fees to BPO's, to property inspection (drive by) fees, to clean up fees, winterizing fees, etc, etc.

If you are not filing and just walking away, depending upon where you are and the type of mortgage, the lender may (or may not) come after you for a deficiency. That is usually the best reason for filing. However, there are exceptions to this 'rule'.

I wouldn't worry about a few extra fees. I too am in foreclosure and bankruptcy. For me it is a lot ($1M) but I am at that spot now that says we do what we have to do to fix this financial quagmire. I will leave my house "broom clean" because for me that works. You leave your home in the way that works best for you. We all have to look at "the man in the mirror".
You will get thru this - we all will get thru this time in our lives.

[albacore44]

I was a real estate developer and lost millions. House mortgaged to the hilt, way upside down. I'm filing Chapter 7 and walking away from it.

My question is, do we have to clean it? What if I leave behind some worthless stuff? What if I take the refrigerator?

Can the bank come in and generate charges for cleaning or painting or anything else?

saw that happen to a neighbor 2 months ago, i'm in inland so cal, and the whole county is full of forclosures. this guy was a developer. bought that house for $825k in May 2007. His business tanked, the bank took his house in September. now the house is for sale at $450K. I can throw rocks and hit 4 forclosures from my front yard. this area went nuts from 2003-2007. way too many new houses at unrealistic prices. but people sucked them up like there was no tomorrow.prices have dropped 50% or more from the peak and are continuing to go down . many, many people are upside down. These are bad times