My wife and I filed Chapter 7 on Dec 6th 2010 and our 341 was 1/11/11. The Trustee filed no asset/ no dist and we are in the 60 day waiting period. We are set to Discharge March 14th.
I have gone back and forth about keeping the home. All of the reasons to keep it are emotional and fear based. We applied for a Modification and it was approved. The Bank is a regional bank and while I am grateful they approved it I know that it is only a Band-aid and so we are not taking it and are going to leave our home.
The bank was granted the relief of stay this week and because the are a regional bank they will move fast. At the time that we filed a Trustee sale was set for the following week. I am assuming they will set the sale again very soon and will want me out of the home before the discharge is done. I am NOT certain of this but it is what I think will happen so if any of you know and can give me guidance I would be grateful.
We have started to look for a rentals and have found some possibilities. We have animals ( Horses, goats, dogs and cat) that will need to be adopted out if we rent any of the properties we have been able to find. Because of the current economy this is going to be a long process as we need to be sure the animals go to a good home. They are able to stay at two friends houses until then.
In addition to looking at rentals and all that goes along with it we have looked at lease option / owner contracts that would allow us to keep the animals.
We have a meeting with a gentleman today and his home is great, actually a big upgrade from our property for $150,000 less. It is something we can afford and he is willing to do a 5 year Owner financing deal with us. Providing we can work out the terms which I think that we can It looks like we will be able to get this home.
Can I do this before the Discharge?
The timing is so tight, not only do I think that we will HAVE to move before the discharge, I do not get the feeling that t Seller is going to want to hold this offer out until March nor do I want to risk someone else making an offer ( probably won't happen but too much at stake to risk it if I don't have to.)
This is a great home and it allows us solve all of our housing and animal problems ( we will likely still adopt out several of the animals (the goats and a horse) in order to improve our budget, but this would give us time to do it right without all the hassle and we could still keep the animals we can afford) (the animals are my kids)
Any thoughts about how my current bank will proceed and the timeframe and/or if I can enter into a owner contract before my discharge?
Thanks
I have gone back and forth about keeping the home. All of the reasons to keep it are emotional and fear based. We applied for a Modification and it was approved. The Bank is a regional bank and while I am grateful they approved it I know that it is only a Band-aid and so we are not taking it and are going to leave our home.
The bank was granted the relief of stay this week and because the are a regional bank they will move fast. At the time that we filed a Trustee sale was set for the following week. I am assuming they will set the sale again very soon and will want me out of the home before the discharge is done. I am NOT certain of this but it is what I think will happen so if any of you know and can give me guidance I would be grateful.
We have started to look for a rentals and have found some possibilities. We have animals ( Horses, goats, dogs and cat) that will need to be adopted out if we rent any of the properties we have been able to find. Because of the current economy this is going to be a long process as we need to be sure the animals go to a good home. They are able to stay at two friends houses until then.
In addition to looking at rentals and all that goes along with it we have looked at lease option / owner contracts that would allow us to keep the animals.
We have a meeting with a gentleman today and his home is great, actually a big upgrade from our property for $150,000 less. It is something we can afford and he is willing to do a 5 year Owner financing deal with us. Providing we can work out the terms which I think that we can It looks like we will be able to get this home.
Can I do this before the Discharge?
The timing is so tight, not only do I think that we will HAVE to move before the discharge, I do not get the feeling that t Seller is going to want to hold this offer out until March nor do I want to risk someone else making an offer ( probably won't happen but too much at stake to risk it if I don't have to.)
This is a great home and it allows us solve all of our housing and animal problems ( we will likely still adopt out several of the animals (the goats and a horse) in order to improve our budget, but this would give us time to do it right without all the hassle and we could still keep the animals we can afford) (the animals are my kids)
Any thoughts about how my current bank will proceed and the timeframe and/or if I can enter into a owner contract before my discharge?
Thanks
Comment