Not keeping house when will it foreclose

[123boxie]

If you don't decide to reaffirm your house and you move out before you file bankruptcy will the banks do the foreclosure after bankruptcy. We are going to be behind a couple months when we file bankruptcy. However, when they foreclose it will be after we file so how does it get resolved on your credit report. Does it just say foreclosed and the date of bankruptcy or is it going to be a future date.

I also know when they foreclose and you don't file bankruptcy they come after you for the difference. Does that happen after bankruptcy?

This entire process has been a very painful experience and deciding to give up your house is really humbling. I mean I remember when I was a kid my mom talking about Aunt's and Uncles who were losing their homes to foreclosure and how irresponsible that was. Geez, now I'm doing the same thing and I feel like such a loser. Believe me I have tried and struggled and just don't seem to get very far.

I decided that giving up the house and living cheaper would mean a better chance for saving and survival. My family just likes to point out that you could pay your house payment and stay if you make more. I can't help but think that I got in serious crap because I always thought better days were ahead. They just might not be and maybe they will.

Sorry this is stream of conscience, I just really am having a hard time making all these decisions. I kind of remind myself of Rex in Toy Story where the Dinosaur says "Oh, now I have guilt". That is the worst having your children hate you or have a sad look because mom failed.

Thank you all for listening.

Jen

[OhioFiler]

Unless you are relocating or have ongoing HOA fees it makes no sense to abandon the house before you file bankruptcy. If you stay you can expect to live mortgage/rent free for many months before you have to find another place to live. That is a great way to save money post-bankruptcy.

Don't rely on your family for advice. Based on your post they seem a bit ignorant to me.

[jlmaca]

If you don't decide to reaffirm your house and you move out before you file bankruptcy will the banks do the foreclosure after bankruptcy. We are going to be behind a couple months when we file bankruptcy. However, when they foreclose it will be after we file so how does it get resolved on your credit report. Does it just say foreclosed and the date of bankruptcy or is it going to be a future date.

I also know when they foreclose and you don't file bankruptcy they come after you for the difference. Does that happen after bankruptcy?

This entire process has been a very painful experience and deciding to give up your house is really humbling. I mean I remember when I was a kid my mom talking about Aunt's and Uncles who were losing their homes to foreclosure and how irresponsible that was. Geez, now I'm doing the same thing and I feel like such a loser. Believe me I have tried and struggled and just don't seem to get very far.

I decided that giving up the house and living cheaper would mean a better chance for saving and survival. My family just likes to point out that you could pay your house payment and stay if you make more. I can't help but think that I got in serious crap because I always thought better days were ahead. They just might not be and maybe they will.

Sorry this is stream of conscience, I just really am having a hard time making all these decisions. I kind of remind myself of Rex in Toy Story where the Dinosaur says "Oh, now I have guilt". That is the worst having your children hate you or have a sad look because mom failed.

Thank you all for listening.

Jen

I'm sure you see every day where millions of Americans are in your situation. The real test is how you come out of this and move forward. You are not a bad person. Abraham Lincoln filed for bankruptcy and did pretty well for himself. Yes the bank will move to foreclose after bankruptcy. They are precluded from foreclosing during bankruptcy as there is a stay on all collection action... unless they receive a relief of stay. My bank receive a relief of stay but has done nothing, and I'm talking 2 months now after discharge. So I just continue to live here rent free saving up money for my move. They cannot come after you for the difference in what you owe because after bankfuptcy the debt is discharged and you owe nothing. Parents mean well but they are not attorneys and you need to look after you and your family's interests and set yourself up for the future. Your parents generation (I'm guessing here) were of that school of thought that foreclosure and bankruptcy were morally wrong. Not so. It is a constitutional right. Good luck Jen.

[me90210]

If you're only 2 months behind and have not filed yet then you have over a year before you'll have to move out.

1. Stop paying the mortgage(s)
2. File BK
3. Save all of the cash.
4. Move out a month or so before they evict you.

They can't come after you for any differences if you file BK. It's going to take a looong time for the to move on the house.

[me90210]

Unless you are relocating or have ongoing HOA fees it makes no sense to abandon the house before you file bankruptcy. If you stay you can expect to live mortgage/rent free for many months before you have to find another place to live. That is a great way to save money post-bankruptcy.

Don't rely on your family for advice. Based on your post they seem a bit ignorant to me.

"Emotional" is the word

[123boxie]

Thank you all, you are way too kind. This has been a really difficult experience and all this anguish over paper. It is really amazing if you think about it. I read another posting about the schedule J considerations so that is the only thing I'm going to double check to make sure I don't give the trustee extra money to play with, but with five kids I don't see where they could get extra.

Thank you again.

Jen

[keepinitreal]

Use this as a teaching moment for your kids so that when they are adults, they know what to do to minimize the chance of this same thing happening to them.

[ToughTimes]

"No one can make you feel inferior without your consent."--Eleanor Roosevelt

I try to stay off my soapbox, but I am a graduate of single motherhood myself, and I strongly suggest children will not be harmed by the lesson that we all make mistakes, but as an honorable family, we do correct our errors as best we can (and that includes bankruptcy, if that is the correct business decision for the family).

Children also will not be harmed by learning that there is no shame in living within limited means. I know this troubled my son when he was a child, but he's now a grown man with two babies at home and their mom also at home to care for them. I've surely enjoyed being forgiven for my "sins" as a mother, one at a time, since he's been grown.

You are responsibly addressing your financial situation and needs. You are to be admired for fulfilling this responsibility to the absolute best of your ability.

Finally: "Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great."--Mark Twain

[killinstinct]

I hate to rain on the parade, but anyone had difficulty with renting a decent place post-bk or foreclosure? That was our primary concern. As such, we moved out a year ago.....!? War stories/advice...?

[jlmaca]

I hate to rain on the parade, but anyone had difficulty with renting a decent place post-bk or foreclosure? That was our primary concern. As such, we moved out a year ago.....!? War stories/advice...?

We filed for Chapter 7 in October 09 and were discharged December 09. We just found a rental out of state. After finding a place we really liked we told our story of bankruptcy and that we'd loose our home. Thinking we would be in trouble he was very sympathetic to our situation was appreciative of our upfront nature and said well you sound like half the people I know. It was not problem as long as we passed the background check and had income.