Not Reaffirming House - When to stop paying?

[StartingOver08]

In our area we check the county clerk's site - so maybe it is the same with yours.

I don't know where you are in AZ, I just picked a county http://www.cosc.co.pima.az.us/home.a...ord_search.htm

[cfgdag]

I am in maricopa county

[StartingOver08]

Try here: http://recorder.maricopa.gov/recdocdata/

To find homes in foreclosure in your neighborhood (they are usually obvious) but if not, try any of the foreclosure sites (google) look up the name of the owner on the tax record here http://www.maricopa.gov/assessor/ and then use the name for the official records site above to see the entire case.

You could look up the cases by type of case. Usually a Lis Pendens is filed first. Your site in Maricopa happens to be very well organized and searchable. You will have no problem figuring out averages for your area.

[flnybk]

Our lawyer told us to put "intend to reaffirm house" and we were just discharged last month. i am afraid to stop paying the second yet until i get a new checking/savings with a different bank than my second line is with.

We are upside down $150,000.

My question is...do we need a lawyer for foreclosure? Or do we just stop paying and wait until they kick us out? I am in Fl. Just worried about this next scary step.

[StartingOver08]

Our lawyer told us to put "intend to reaffirm house" and we were just discharged last month. i am afraid to stop paying the second yet until i get a new checking/savings with a different bank than my second line is with.

We are upside down $150,000.

My question is...do we need a lawyer for foreclosure? Or do we just stop paying and wait until they kick us out? I am in Fl. Just worried about this next scary step.

Since you are discharged, just let the foreclosure take its course. The tradeline (1st and 2nd) should read iib on your credit report. They still have to notify you of every step in the foreclosure process. Move your bank accounts right away and stop paying if you are surrendering the house.

[debtmonster]

I haven't paid the mortgage on my house since around September 2008. We still have possession of the house as of September 2009.

We're in FL.

[flnybk]

I haven't paid the mortgage on my house since around September 2008. We still have possession of the house as of September 2009.

We're in FL.

So did you stop paying? Wait for the bank to call you? Do they harass you or does it go pretty smooth?

[debtmonster]

So did you stop paying? Wait for the bank to call you? Do they harass you or does it go pretty smooth?

I can't recall getting any calls from the bank until just before the bankruptcy. They just sent invoices and stuff saying it was past due. Ditech (GMAC owned) was smooth sailing. They were always very nice to me.

It will suck to never be able to finance another car ever again with GMAC. I had many car loans with them in the past until I turned in both Saturn's.

[danaf]

I ditto the poster that recommended paying until after your 341 to be on the safe side. Stopping payments beforehand could open up a can of worms you do not want.

Go to your 341 with the intention of reaffirming. If you tell the trustee you don't plan to, then you will be over income, the accounting will be inaccurate, and it could destroy your bk7. Judges have to approve reaffs anyway....the trustees don't get involved with that part. But still, you do not want to be sitting there telling the trustee that you do not plan to reaffirm and that question may very well come up. That debt helped put you in the bk7 window.

[sjcmCA]

[QUOTE]I ditto the poster that recommended paying until after your 341 to be on the safe side. Stopping payments beforehand could open up a can of worms you do not want.

--> I don't think that the mortgages need to be paid until 341 meeting. (That's almost impossible for those who want to file BK. Most of them would be suffering from huge income reduction or layoffs. They might need to wait several months to be qualified for Chapter 7 based on 6-month income rule. As such, it is extremely difficult for them to keep paying all mortgages until 341 meeting.)

My attorney said that even 15 days after repossession / foreclosure, all mortgage expenses should be listed in the means test. No matter what mortgages are current or default....

I think this does make sense that nobody knows if the BK filer will do loan modification during BK or not. Behind the payments won't remove mortgages exepenses in the means test.

That's why my attorney recommended to stop paying everything even though I file BK in 5-month. (I am living in Northern California - Central Valley)

[Amy26]

Last time I looked foreclosures in my state took 2 months! I just sent my renters an email telling them my bk will be over in a few weeks and my mortgage company now has relief from the stay. So, I imagine they will try to foreclose quickly. I stopped paying my mortgages at least 1 or 2 months before I even filed.

My mortgage payment was also close to 2,200 a month...before the HOA fee of 200+. Just because you debtmonster couldn't see yourself paying that much in rent/mortgage doesn't mean the entire world shares your opinion. The rent on my apartment now is 2,268.

Please stop with comments that you make in regards to what people want to do with their own lives. Its one thing to say to someone "wow 2,300 is a lot!" and another thing to say "OMG 2,300 you are totally crazy to pay that much and I don't mean to be so judgemental"... cause it kinda sounds like you do... :P

[debtmonster]

My mortgage payment was also close to 2,200 a month...before the HOA fee of 200+. Just because you debtmonster couldn't see yourself paying that much in rent/mortgage doesn't mean the entire world shares your opinion. The rent on my apartment now is 2,268.

Please stop with comments that you make in regards to what people want to do with their own lives. Its one thing to say to someone "wow 2,300 is a lot!" and another thing to say "OMG 2,300 you are totally crazy to pay that much and I don't mean to be so judgemental"... cause it kinda sounds like you do... :P

I've seen lots of nice places renting for $900-1500/mo. $2200 is more than most people make in an entire month in this country. You're also on a bankruptcy forum. So that should tell you something.

It's the same when I was telling people about my $740/mo. BMW payments and I had a slew of people ragging on me telling me how insane I was to pay that. And you know what, THEY WERE RIGHT! I was just in DENIAL.

[Amy26]

That's because you should only pay that much for a car if you're living in it.

[debtmonster]

That's because you should only pay that much for a car if you're living in it.

In Miami, LOTS of people pay that and much more for their BMW's and Mercedes. My BMW is CHEAP compared to all of the people around here driving brand new BMW 750iL's and Mercedes S classes.

But still, none of us need to be spending that kind of money on a car or home. Just because you can afford it today doesn't mean you should buy it. People never seem to play the "What if" scenarios. "What if I lose my job for 6 to 8 months? Then what?"

Pay $1000-1300/mo. rent and you should be fine. Don't do those $2300/mo. deals anymore, even if you can afford it. And I won't buy anymore BMW's, even if I can afford it. Deal?

[Amy26]

LOL I don't even know why I bother with you... you never listen to anything anybody says to you. Stop telling people what they "should" be paying for stuff and preaching that they have to move etc...