really need help with house

[B65]

The lady who offered us a rental in June has now told me she gave it to someone else..... so...

We are 6 weeks behind on our mortgage, they may loan mod us or they may not...but I do not think they will drop the principle and it has about 60k negative equity....... so not sure I want to sign for a house I do not really love and maybe be stuck with it for years until prices climb and pay more mortgage than I want to pay....... I am making calls today and puting an add in the paper for a rental..... thing is when they call that is when I have to tell them of the bankruptcy and I am sure they will hang up.....

My options,

be homeless.

try to pay pay the last 6 weeks and catch up and keep paying the higher mortgage until we find a rental....... be in the position where you do not save any money ..... foreclosure you can save while looking but most people want to to rent right there and then not wait a few months while you gather money..( as I have found)

or loan mod if offered...

try to find something as best as I can in the next few weeks....

anyone got any stories regarding this to share?

[OhioFiler]

The lady who offered us a rental in June has now told me she gave it to someone else..... so...

We are 6 weeks behind on our mortgage, they may loan mod us or they may not...but I do not think they will drop the principle and it has about 60k negative equity....... so not sure I want to sign for a house I do not really love and maybe be stuck with it for years until prices climb and pay more mortgage than I want to pay....... I am making calls today and puting an add in the paper for a rental..... thing is when they call that is when I have to tell them of the bankruptcy and I am sure they will hang up.....

My options,

be homeless.

try to pay pay the last 6 weeks and catch up and keep paying the higher mortgage until we find a rental....... be in the position where you do not save any money ..... foreclosure you can save while looking but most people want to to rent right there and then not wait a few months while you gather money..( as I have found)

or loan mod if offered...

try to find something as best as I can in the next few weeks....

anyone got any stories regarding this to share?

Call your lender. Why after BK are you still not able to afford your home? Are you going to be able to afford rent?

[jessegirl]

The lady who offered us a rental in June has now told me she gave it to someone else..... so...

We are 6 weeks behind on our mortgage, they may loan mod us or they may not...but I do not think they will drop the principle and it has about 60k negative equity....... so not sure I want to sign for a house I do not really love and maybe be stuck with it for years until prices climb and pay more mortgage than I want to pay....... I am making calls today and puting an add in the paper for a rental..... thing is when they call that is when I have to tell them of the bankruptcy and I am sure they will hang up.....

My options,

be homeless.

try to pay pay the last 6 weeks and catch up and keep paying the higher mortgage until we find a rental....... be in the position where you do not save any money ..... foreclosure you can save while looking but most people want to to rent right there and then not wait a few months while you gather money..( as I have found)

or loan mod if offered...

try to find something as best as I can in the next few weeks....

anyone got any stories regarding this to share?

B - Do you have an attorney - forgot if you filed pro se or an attorney - If you have an attorney call and see about loan mod. if pro se maybe you should call attorney then an ask what can be done if anything. If not then call the mortgage company and see if they will one.

Also, if you are looking for rentals go online and google, rentals in such and such an area. I found an apartment for my girlfriend that way. Sometimes, private homeowners do not do credit checks. Look on craigslist to - you might get lucky on there.

You have so much shxx going on right now, that you have to start with the first and get that under control and then deal with the next. We will work out, jsut take the bull by its horns hon.......

XOXO

[jessegirl]

Call your lender. Why after BK are you still not able to afford your home? Are you going to be able to afford rent?

Ohio - No need to make her feel worse then what she feels like already. I am sure she can afford rent. Maybe her mortgage payments are just very high.

You may mean well with your comment, but when someone is down there is no need to step on them....

[dingdong]

I wouldn't stress too much about not finding a rental because of the BK.

I found a rental smack dab in the middle of my BK, hadn't been discharged yet.

I brought my paystubs with me and dressed very nice, of course and presented myself well.

The owner/LL didn't even do a credit check, they didn't even have me fill out an application!

I was offered two rentals while I was looking, no credit check on either.

I only went to private parties, no management companies.

My cousin, who was in BK ( chp 13 then converted to a 7) AND had a very recent foreclosure, found a rental through a property management company and it was a very nice home in one of the absolute nicest neighborhoods in our city. She told the co about everything and they rented to her no problem.

If they do a credit check, just explain you had a toxic mortgage and filed BK because you had no alternative and prove through your paystubs that you can afford rent. Just present yourself proessionally and drive up in a clean car when they show the house. First impressions make a big impact.

You will find a home. Personally I would wait out the free ride until the foreclosure is closer, you probably have many months until the bank actually kicks you out and you can save, save, save during that time. Even offer to pay an extra month in advance if the LL is hesitant.

Good luck!
DD

[HHM]

In most areas, rentals are fairly easy to get notwithstanding a BK. Vacancy rates are actually increasing, meaning there are more rental units avialable. Thus, I don't think you need to worry about being homeless. I wouldn't hold out for any sort of post BK loan mod. Although I do not think BK officially disqualifies you, the fact that you filed BK and still couldn't make the payment will probably mean a modification is very unlikely. As for rentals, I recently spoke to a rep for a major property management company and even though their official policy is to not lease to anyone with a BK in the last 12 months, they are reviewing applications on a case by case basis to get the units leased (note, the rep I spoke to works at a higher end apartment complex).

Just live in your house rent free. In most states, you can stay in your home upwards of 4-8 months before the foreclosure process is complete. During that time, you only pay utilities, HOA (if applicable), and you should probably maintain insurance.

[B65]

ohio filer

I CAN afford my mortgage I have chosen not to pay it to forclose. The reason that is.... I bought this for $300k 2 years ago within 6 weeks roof fell in and destroyed the upstairs so i put in another 30k.
It is now only worth $190k and I owe 290K my mortgage payment is $2500 a month. I can pay that but it would mean we could not save much each month or top up our retirement.. I could also take another job and so could dh... worth it for a house with neg equity??? NO!
so rentals here go for around $1500 a month that is an extra $1000 in my pocket each month so if gas and heating oil goes up, or an emergency happens, I have money behind me and never need to use credit again, see the difference?? keep yourself tight to stay in a home you bought in the past and if things go wrong resort to cards??? or move and save save save and get your self ina good position. Also the houses are going to continue to drop and no one knows where it will end.... why should I pay a huge mortgage for ahouse that is droping daily when it could be money in my bak retirement.... we do well hubby earns over $100k per year so please dont tell me I cannot afford it, I chose to NOT afford it and throw my money down a drain......

you just look after yourself and do not worry what i can or cannot afford.

[OhioFiler]

Ohio - No need to make her feel worse then what she feels like already. I am sure she can afford rent. Maybe her mortgage payments are just very high.

You may mean well with your comment, but when someone is down there is no need to step on them....

I saw the OP was discharged on Feb 10 and read "we are 6 weeks behind on our mortgage" and was asking for help. I believed more info was needed to be able to offer input. The questions were not judgemental nor intended to "step on" anyone.

[OhioFiler]

I CAN afford my mortgage I have chosen not to pay it to forclose. The reason that is.... I bought this for $300k 2 years ago within 6 weeks roof fell in and destroyed the upstairs so i put in another 30k.
It is now only worth $190k and I owe 290K my mortgage payment is $2500 a month. I can pay that but it would mean we could not save much each month or top up our retirement.. I could also take another job and so could dh... worth it for a house with neg equity??? NO!
so rentals here go for around $1500 a month that is an extra $1000 in my pocket each month so if gas and heating oil goes up, or an emergency happens, I have money behind me and never need to use credit again, see the difference?? keep yourself tight to stay in a home you bought in the past and if things go wrong resort to cards??? or move and save save save and get your self ina good position. Also the houses are going to continue to drop and no one knows where it will end.... why should I pay a huge mortgage for ahouse that is droping daily when it could be money in my bak retirement.... we do well hubby earns over $100k per year so please dont tell me I cannot afford it, I chose to NOT afford it and throw my money down a drain......

you just look after yourself and do not worry what i can or cannot afford.

I could not care less about what you can afford or not afford. It seems you've answered your own questions though so I wonder what the purpose of your original post was.

[Tom_Mi]

In principle, if you're not "in love" with your house, I'd use the Bankruptcy as a great opportunity to move on.

Figure out how long you can stay there rent-free (8 months?) and shore up some cash.

During that 8month or more time, you can be looking for a cheap rental, or maybe even a bargain land-contract deal.