Surrendering during BK, or foreclosure after BK???

[ltrain823]

Hello everyone, I am completely illiterate about this topic so please excuse me if I sound a bit elementary. I currently have no intentions of doing either but I'm just trying to prepare myself for what possibly could happen.

I am getting ready to file bk within the next few months and I am not planning on including my home in the BK. I have never been late on a mortgage and the home has no equity in it. I'm thinking in terms of saving some money here...if I let the house go into forclosure during BK I would hope that I could probably live in the home mortgage free for about 4-6 months. My credit is something I'm not even trying to think about at this time so however the effect is on it I'm just going to live with it for however long I have to.

I have roomates that "promised" to stay for as long as I would get married but it seems to me that this may not be so true in the near future and I just want to prepare myself. If they leave I would barely be able to afford to the mortgage payment so this would be my only choice.

I appreciate you reading this thread.

[Teddy]

I would agree from what I've read here that you could probably live rent free for a few months.

But, where are you going to go after that? Do you have something lined up?

[BassBoy]

To cover the bases, you may want to make a few inquiries to places of rent (i.e., apartments, condos and single family home) so you know what you're up against if you have let the home go into foreclosure. Let them know what you're situation is up front (they'll find out if they pull your credit later).

In my opinion, you may have a better chance at getting a new place with private owners that are renting their homes or condo. Apartment management companies can be a little tougher to be approved for, unless they want 2 or 3 months rent upfront or a larger security deposit.