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    #1

    When to file?

    Hello,
    I was just wondering about when would be the right time to file the bk if we are letting our house go? We are about to hit the 90 day mark on the mortgage and I want to be sure I file at the right time so the house is just surrrender with the bk and the foreclosure doesn't show up also. From what I understand this is a matter of timing. I have yet to completly pay off the lawyer. I thought it would be more important to save for the rental first so I know that we would at least have the money set aside to have a roof over our heads. (We have 3 kids) . But now I wondering if I should just get the last 1000 to the lawyer.....

    Any thoughts??
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    #2
    I feel your pain. I moved out of my house into a rental over the weekend. I plan on filing in August and haven't paid the mortgage since April. I moved more for my own sanity more than anything, I hate not knowing how long I have and I have three kids as well. I love the rental house, it has more upgrades than mine, golf course view and gated side of the community for 1/2 my mortgage payment.

    Comment

      #3
      You can stay inthe house and save a little more money if you defend the foreclosure, even lightly. Ask your attorney how, but there are many inexpensive methods.

      A one-page response from your attorney may keep you in the house many months longer and cost a hundred bucks.

      This will give you the chance to save even more.

      Remember, there are expenses you are responsible for from the time of your discharge untilt he bank finally forecloses, if they take their time. HOA fees, maintenance, insurance and taxes come to mind. Some of these may vary from state to state.

      Why not stick around, if youre going to be responsible anyway? Only the attorney can answer if it makes sense to do this, but it is one more option.

      Good luck!
      11-20-09-- Filed Chapter 7
      12-23-09-- 341 Meeting-Early Christmas Gift?
      3-9-10--Discharged

      Comment

        #4
        Thanks for the replys! I called the lawyers office today and they said that I don't have to be moved out before I file but that it's easier. So I guess I can take my time. I just want the kids settled before they start school again in the fall. It would be easier for them I think. As far as continuing costs on the home, thats the part that confuses me. I posed this question to the lawyer and she said no I don't have to worry about the house once I move out. I can cancel the insurance and don't worry about cutting the grass and so forth....This didn't sound right to me. I know that the property will be in my name until the bank gets it in their name so why would I let the property go to hell while I am liable for it?????

        Comment

          #5
          Originally posted by hurtininaz View Post
          I feel your pain. I moved out of my house into a rental over the weekend. I plan on filing in August and haven't paid the mortgage since April. I moved more for my own sanity more than anything, I hate not knowing how long I have and I have three kids as well. I love the rental house, it has more upgrades than mine, golf course view and gated side of the community for 1/2 my mortgage payment.
          It's nice to know that there are people out there going through the same thing! That's great that you found something so much more affordable! I can't wait until this whole thing is behind me. It will feel like a weight is lifted off my shoulders!!! Good luck in your new home

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