How long do you have to surrender your house in a Ch7?
We've filed Ch7 and are waiting for discharge. Our home was included in it, but we were originally planning on keeping it (guess it's called a ride-through?). Unfortunately our job/money situation has gotten worse, not better, so we no longer see any way to keep the house. Our options, as I see it, are:
a) Walk away from the house; it was listed in our BK. We lose all our equity and go rent an apartment.
b) Sell the house. I've been trying (asking $114,900), but the market is miserable. Also, our place doesn't qualify for an FHA loan (our loan is a 20 year at 7.125%, about 18 years and $99,900 left).
c) Offer an "owner financing" situation, where we move out, someone else moves in and pays us the mortgage, which we forward on to the bank. We'd likely ask for 10% down.
Aside from welcoming any advice everyone may have, my question is, how long would we have to do option A; or, if we went with option C, and the people flaked out, could we go back to option A?
We've found a little place three hours away that is willing to owner finance at $297/month (as opposed to our current $1024/month), but we'll likely need to put something down. The only source we would have for this is our current home...
a) Walk away from the house; it was listed in our BK. We lose all our equity and go rent an apartment.
b) Sell the house. I've been trying (asking $114,900), but the market is miserable. Also, our place doesn't qualify for an FHA loan (our loan is a 20 year at 7.125%, about 18 years and $99,900 left).
c) Offer an "owner financing" situation, where we move out, someone else moves in and pays us the mortgage, which we forward on to the bank. We'd likely ask for 10% down.
Aside from welcoming any advice everyone may have, my question is, how long would we have to do option A; or, if we went with option C, and the people flaked out, could we go back to option A?
We've found a little place three hours away that is willing to owner finance at $297/month (as opposed to our current $1024/month), but we'll likely need to put something down. The only source we would have for this is our current home...
