Primary residence - walk away?

[tknj99]

Hi All,
Im currently at the pre-filing stage. I have 3 properties in the court system for foreclosure as of May 2009. My current primary residence is $100,000+ underwater and i am seriously condering walking away from it as I doubt it will anywhere near positive equity within 5-10 yrs.
I was originally under the assumption that I can BK and then walk away any time in the future after discharge but am now learning that a judgement of forgiven debt can hound me for the rest of my life and I dont want that. So im now thinking of adding it to the BK.
The pluses of walking away and adding it to bk is the $30,000+ that I will save over the 1 year or so time-frame that its held up im court by not making the $2500 per month payments (mortg,tax,ins,maintfees).
I spoke with my lawyer and he told me that in order to include it in the BK, i need to move-out prior to filing though. This seriosly throws a monkey wrench in this plan as there is no way I could live in it payment free for 1+ years and then file, as the other 3 properties will have been sold at auction to the lender by then and I must file before this occurs.
Has anyone been in a similar situation and what did you do?
I also ponder the timing of it all as the $2500 payments that I would save would need to be spent down monthly as the wildcard exemption of $10,000 for me and wife would be filled quickly if i dont make the $5000 tax payment this year + have $2500 per month being saved up..
Thanks for any help!
-tk in FL

[aljohnson007]

I thought you have to include in bk as you are required to list all assets and if secured, state your intention to surrender or reaffirm. I disagree with the attorney that you must move out before filing. Someone else here will surely have some other and better info.

[Amy26]

Yes, you must include all property, assets, etc... in your filing. You do not need to move out before you file. Many people on the forum have been living rent free in their homes for many months. Personally, I moved out of my property a long time ago but I have renters in the property and they are still in the property today as we await notice of foreclosure.

Hope that helps a little.

[myid4u2c]

If your attorney told you need to move out first you need a new attorney. Look at several other post and you will see people stay in their house until they foreclose.
As for worrying about forgiving debt it will be IIB (Including in BK) and not forgiven.

[aljohnson007]

I overlooked one item you mentioned. (Maint. fees, etc). If you have a HOA or any other type fee that runs with the deed, I don't believe they can be discharged in bk, specifically in FL. If if the past fees were discharged, anything that accrues after date of filing is new debt. Check your deed(s)and agreements carefully.