Letting the house go, too...

[Wantmypeace]

If we file BK, and we let our home go, as well, do we have to move out when we file? When we are discharged? Or, do we wait for an eviction notice? (We own the home, although it is 100K underwater with 3 mortgages.) How does that work? Anyone with experience able to share on this?

[newbie2]

BK will discharge the debt (the mortgage loans). Your lender/s still have to follow your states foreclosure laws to reclaim the property. Do a search for the foreclosure process in California and you'll have your answer on how they will proceed post bankruptcy. (There is also a wonderful foreclosure sub forum here, lots of helpful people going through the same thing.) Good luck to you.

[tobee43]

we are not in ca...but it's been almost three years and still no foreclosure on the house.

we chose to leave....however, many people stay until they get there notice.

most all foreclosures with chase and boa and some other banks are now on "hold" due to all the fraud with the signing of the paperworks.

however, it depends on your area, and your personal situation...if your banks have all their ducks in a roll it could take a shorter time period. i would check your local sheriff's site to see how quickly they are going up for sale.

[JSchrader]

You are not obligated to leave until the lender completes the foreclosure process. It may be in your best interest to occupy the house until you have to leave, but, each situation is a little different.