Those of you that have surrenedered home..then what?

[youngnbroke]

We have retained an atty and with the brief time we had with him, decided that surrendering the condo is our only way to go. I'm assuming that we will sign the state of intentions to "keep" the condo, but will not reaffirm. I'm thinking we'll have to do it this way in order to use our monthly payment on the 1st and 2nd mortgage to pass the means test (we're only $80 over the median) But my main question is...what happens next?? Wait for foreclosure?? Maybe a deed in lieu?? I have no intentions on trying to sell the place as a condo next door has been empty for the past year. I'd love to get out of this place any other way than foreclosure, but at the same time, I think we'd be better off doing it that way in order to save money for a while.

We plan to file by the end of the month (hopefully) but my main concern at this point is what happens next with the condo?! Any and all experiences is greatly appreciated!!

P.S. Foreclosure has not started yet as July is our first missed payment on the 1st mortgage and we're 2 months behind on the 2nd (got a letter already informing us that foreclosure is possible if we don't pay up)

[JSFleischman]

Once you're discharged, walk away. When the bank wants the condo back, it will commence foreclosure proceedings to enable it to do so legally. Doesn't matter one lick to you - the deficiency is discharged in your Chapter 7.

One thing you need to know, though. Any HOA dues that arise post-petition are NOT discharged in your Chapter 7 case. The HOA may recoup the funds from the bank on ultimate sale of the condo, but if not then you're on the hook for those.

[youngnbroke]

Thanks! Foreclosure is what i had anticipated - just wanted to make sure there wasn't anything else that might happen. After speaking with our attorney, he told us to start looking for a rental, and over the next couple of months, start boxing things up and be prepared to leave at what could be, short notice. So I wasn't sure if there was something else that could happen - figured foreclosure would take a while!