Should we just give them the keys or what?

[kellysmum]

Well, I think we already may have found a place to rent that will take the dogs at a very nominal fee and with rent that is very reasonable and it's in the right school district. We just don't know what to do about the house that we stayed and payed on until Oct. 1 (didn't make Oct. payment to Wells Fargo).

As many of you know, we got our discharge in mid July of this year, did not reaffirm the mortgage, and have been staying and paying and borrowing from every relative imaginable to pay the mortgage each month. If we move in to the place we found, we are going to do so in early December.

Should we notify Wells Fargo of our intent to vacate, or give them the keys and walk away, or let them go ahead and foreclose. We just want to walk away and be free of this awful house ASAP.

Any advice? Thanks.

[AngelinaCat]

If you have found a place to rent, GRAB it! That is great for you and your family.

I do not know what to say about your current place... Other, wiser, folks will weigh in shortly I am certain.

[keepmine]

Good lord! Why would you go through bk and then borrow money to keep a place you eventually planned to leave?

If you want to leave ASAP then just do it. Doesn't matter if you notify then or just hand them the keys or anything in between. Once you stop paying they'll start foreclosure proceedings.

[Drazil65]

Hi, I have a question, you have just started this journey with WF and you may have quite some time to "not pay" and save that money so why leave so early in the game? Its free living until it gets well into the process and a chance to save a lot of money. I understand you have animals and are worried about that but do not shoot yourself in the foot by missing out on an opportunity to really save some money if its possible. Believe me I understand wanting to just get it behind you BUT that is not going to happen until it goes through foreclosure and title changes out of your name. Until then you can still be held responsible for a lot of issues that can come up with a vacant property (grass cutting, keeping insurance on it, paying HOA's and taxes if there are any, break ins and possible damages etc).

As I have responded previously we are at 2 yrs out since we filed and surrendered our home in Ohio. We would still be living there rent free saving the money if we lived in that state. Just really think it out and do not make any impulsive moves. Good Luck...

[tobee43]

yes, ohio is a judicial state which means a foreclosure must go through the court system to complete the process.

as Drazil65 says they are out 2 YEARS since they filed and surrendered their home. and we are liked minded on this situation. i so agreed to really think about this before you leave.

kellysmum, i know about your doggie thing and your concerns staying in the school district etc. those are real concerns faced by most everyone leaving their family home for one reason or another. we had no kids home, so for an example it made no different to have to stay in the school district. had i had known what i knew now though i would have stayed longer that is for certain. we would had accumulated so much cash we could have purchase just about any house we wanted to in cash. it actually ended up that way to some extent since we saved and although we paid rent we ended up having a nice down payment on a home had it owner financed and paid it off in less than 2 years. now we are buying our second home.

had we stayed in the nj home we would have not had rent to pay, but you need to weigh the costs. for example we moved to florida where the rent ended up be less expensive than keeping up the utilities in nj otherwise we most likely would STILL BE THERE!! it's been 5 years and STILL no foreclosure. however, i would check the records in your county to see how fast they are moving on foreclosures.

if i were you, i would think carefully about this move. does it pay for you to stay until you must leave? what would it be like for you if you had no rent or in this case mortgage for 2 plus years and you could bank it all?

keepmine is right on with this, although i don't know if at that point you were still thinking on trying to save the home or not.

we we advised by out atty to lock and leave it and no notification was needed. i still emailed the loan modification officer we were working with, it meant nothing to them, they changed the locks from what i understand approx 2 weeks after we vacated.