Hi,
My Ch 7 was discharged in May of 07, my mortgages (had an 80/20 loan, the 80% loan is an ARM) were not reaffirmed. I continued to make payments thinking, stupidly, that I could afford to continue living there. If it was just the house payments then I could, but there are so many other expenses when taking care of a house that I just can't do it anymore and I want out.
I know I can walk away. I would try to sell the house but I wouldn't get enough to pay off the mortgages and houses are moving slowly where I live and I can't wait that long. There are maintenance issues that I can't afford.
I've researched the foreclosure time line for Indiana but I'm not sure if it applies in my situation. I'm not sure when I should stop paying on the mortgages. It seems a waste to make a payment now, knowing I'm going to let it go. I could use that money for a rental deposit. However, I don't want to cut it so short that I don't have time to get things in order to move.
I live in a college town and that has a big effect on when apartments become available. I probably wont get in somewhere until late spring/early summer. If I stop paying now approximately how long would I have before I would be forced to move out and is the time line the same for foreclosure after bankruptcy or does that speed up the process?
Thank you!
niteflytes
My Ch 7 was discharged in May of 07, my mortgages (had an 80/20 loan, the 80% loan is an ARM) were not reaffirmed. I continued to make payments thinking, stupidly, that I could afford to continue living there. If it was just the house payments then I could, but there are so many other expenses when taking care of a house that I just can't do it anymore and I want out.
I know I can walk away. I would try to sell the house but I wouldn't get enough to pay off the mortgages and houses are moving slowly where I live and I can't wait that long. There are maintenance issues that I can't afford.
I've researched the foreclosure time line for Indiana but I'm not sure if it applies in my situation. I'm not sure when I should stop paying on the mortgages. It seems a waste to make a payment now, knowing I'm going to let it go. I could use that money for a rental deposit. However, I don't want to cut it so short that I don't have time to get things in order to move.
I live in a college town and that has a big effect on when apartments become available. I probably wont get in somewhere until late spring/early summer. If I stop paying now approximately how long would I have before I would be forced to move out and is the time line the same for foreclosure after bankruptcy or does that speed up the process?
Thank you!
niteflytes