NOD or letter from attorney..which date?

[marinah]

We included our house (GMAC 1st, Chase 2nd) in our Ch. 7 bk which is due to be discharged in 2 weeks. GMAC filed to lift the stay and then their attorney sent us a letter last week (certified) telling us they have accelerated the note and that they plan to start foreclosure within 30 days.

However, we today received in the mail a Notice of Default from GMAC, telling us we have until 8/25 to cure the default or they will accelerate the note and may foreclose.

So...how much time do you think we have? We need to stay here as long as possible to save $$ for a rental...we don't know which letter, or which date is accurate? Should we try to find out, or just leave it alone?

[atolar]

I would listen to the lawyer's letter. if they start in 30 days, it's my understanding that you have time still before the actuall sheriffs sale and my laywer said after the sale of the house, then we have 90 days to get out. we just got our letter saying we have 20 days to pay the total balance of proceeding with foreclosure... so we are thinking we'll find something to rent beginning September 1st.

[marinah]

I think that sounds right...we were thinking September 1 too for a rental. Even if they don't foreclose by then, we need to get out of here by then anyway...psychologically.

It's starting to be a downer being here, knowing that we lost $150K in this house, and that we won't be here long anyway...and the kids need to move on, and start forming new neighborhood relationships, we feel a little ostracized here already. (Our neighborhood is full of nice, but "new money" people, who look down a bit on foreclosures and bk)

I finally understand why people move out before foreclosure, because at this point we really just want to put all this behind us and have a genuine fresh start.

Where are you, and how is the rental market where you are?

[atolar]

we are in kansas. rentals here are "ok". just worried about finding some where that will rent to a bankrupt family LOL.

we have 4 kids and personally would move out now, but hubby wants to hold out as long as we can. so hopign to move somewhere before school starts!

it's playing mental tricks on us too, when we first moved in here, we totally remodeled the whole kitchen, top to bottom, so we are thinking about stripping the cabinets and selling them.