Just missed our 1st mortgage payment. We'll be filing somewhere in next 3 months. How do we save for 2 months deposit so someone will rent to us? That is without having the Trustee taking it?
-
-
Anyone??? -
ask your lawyer...
my thinking is, you have a few months before you actually have to move. this will be after you file. before filing, buy all the food you'll need for a couple of months, and any other necessities like clothes that you may have postponed - that kind of expense won't be questioned. after filing, you can put aside whatever would have gone towards the mortgage + food + clothes. within 2 months you should have enough.
also, it depends on your state. if your state allows you to choose federal exemptions, then you are allowed up to about $11,000 in the bank when you file. if not, some states allow only maybe $250 (which i personally think is ridiculous - what kind of "fresh start" is it if you have nothing at all with which to start??). that's on the day you file. after you file, you can save anything you have.filed ch7 May 09
341 june 09
discharged, closed Aug 09
Comment
-
1. Wait to file your case until you have rented some place.
2. Or realize that you will be able to stay in your home many months, rent free. The BK will stop the foreclosure termporarily. You will be able to save the money AFTER your case is filed.Comment
-
I don't know where you are (which state) but you have time to save. In our area it is taking 12 to 18 months to foreclose - some people delay the process even more. The BK will delay the process for a few months during the auto stay period.
What you need to find out from your attorney is the time frame for foreclosures in your district. Also if you are surrendering the house, find out if the Trustee requires you to move out before the foreclosure is complete. This varies by Trustee. I am still in my home, have not made a payment since May 2008 and my BK 7 was discharged Jan 2009. My friend had a different attorney and different Trustee, same district though, and she had to move out of her home within 30 days of the 341. We both surrendered our homes in the BK. My attorney said not to move until the final judgment. So check with your attorney.Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way..Comment
-
We're in VA..pretty sure the Richmond Court District. Just got off the phone with the lawyer's paralegal. She said if we surrendered the house it could be months or it could be weeks.They have seen both. Since we JUST missed one payment (June's) it would be a few months until we went into foreclosure.
Yes..once we file we can save the mortgage $$ for a 2 months deposit and rebuild our emergency fund that we once had.
Music12....that's a good idea about the food and clothing. I thought about that but wasn't sure if it was allowed. I agree $250 in your bank account? What kind of fresh start is that?
We'll wait it out until DH is about to be garnished then we'll have to file. Hopefully Chase comes through for us and soon.
Thanks for the replies.
Comment
Comment