So Michigan passed a law Sunday giving people in foreclosure 90 extra days to work with their lenders! Here I was already to move out into a rental by the 1st of the month! I haven't even received the NOD yet....So I decided not to move now. The joke of it is...my lender wouldn't work with me to begin with. So I am gonna take advantage of the extra time I have here and still let it foreclose!!!!
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Congrats! Nice to have some spare time to get things together.
In our case, we walk a fine line between trying to time things out. We are saving money to buy a place outright, since we are not paying our mortgage.
But we also have to try to time the foreclosure to our benefit, but try not to let it exted too long, since utilities on this house run $2400 per month. Yes, just utilities. The Electric bill in summertime here is $800 or so.
While staying here DOES save us some money to be able to buy the next one, there will come a point at which we are losing quite a bit by staying.
Good luck to you and all others enjoying the extra 90 days!11-20-09-- Filed Chapter 7
12-23-09-- 341 Meeting-Early Christmas Gift?
3-9-10--Discharged -
Please make sure that you read all the details....There was moretorium that was passed here in CA that gives an extra 90 days after expiration of the NOD. However, if the lender's mod program meets certain criteria (extends term to 40 years, reduces rate, etc) they can file and exemption, and proceed with the foreclosure. Also those that are in BK are not included in the extra 90 days as well.
So just check with what your state's details are before you count on the extra time.Comment
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