What do I do with my home??

[technoreid1]

What do I do with my home?? We moved into a rental home because the agony of the foreclosure process was killing us (they have not yet even filed a notice of default).

We have moved out, shut the water off, basically vacated the property 100%.

The mortgage company has not filed a notice of default yet (we are 7 months late on the mortgage) -

We are also in the process of filing a BK (most likely a CH13)
but have not yet......

What do we do with the house? Do we call the mortgage company and tell them? We cannot keep the home as we
cannot afford it due to a reset in the mortgage.

Do we need to have homeowners while the house is vacant?

Thanks, techno

[CindyLou]

You could request to do a deed in lieu of foreclosure, which you basically give them the house without them having to do a foreclosure. This would be an option if you are ready to get it over with.

[technoreid1]

I am - but would there be any tax consequences?

thanks for your input?

techno

You could request to do a deed in lieu of foreclosure, which you basically give them the house without them having to do a foreclosure. This would be an option if you are ready to get it over with.

[CindyLou]

That is a question for your attorney. If it were a chapter 7 then it would be an easy answer, which would be no, becuase you would be filing before you get the 1099 (if they are even allowed in your state..depends on the deficiency balance rule). But with a 13, I do not know the answer to that...

[technoreid1]

Thanks for your response and honesty.

techno

That is a question for your attorney. If it were a chapter 7 then it would be an easy answer, which would be no, becuase you would be filing before you get the 1099 (if they are even allowed in your state..depends on the deficiency balance rule). But with a 13, I do not know the answer to that...

[253BK]

They just passed a new law about the tax if you are to short sale or foreclose and I am sure I read it right saying that there is no consequences to the owner search google the white house had released something about it!