Did you give up your home in bk?

[spearmint]

Just wondering how many of you decided to give back your home in BK and why? I am still trying to decide.

[justbroke]

I gave up my last rental property in my Bankruptcy. It sucked all my money from my savings. It had negative cash flow for 2 years. It was empty for 7 of the past 12 months. It was not worth it.

However, I was going to give up my residence. I changed my mind and I'm living here now. After lien-stripping the 2nd mortgage, the home is back to what I paid for it, and I owe just about that. I think it's better to keep your home, if you can.

[spearmint]

I am 30K underwater and because of a lawsuit I owe about 5K to association. Will NEVER buy another condo - but I've been here 11 years and it's home. Hard to give it up. Thankfully, I am getting a loan modification to drop my interest rate on mortgage drastically so that will help. Just HATE to give HOA 5K.

[LuciluS]

We are not filing until Sept. 2009; however, we intend to keep our home as we just bought it in 12/07. Yes, it's value has gone down about $5k less than what we owe, but we like the new city and our home and can afford the house payment and we are not late on it.

Now my husband's truck is a different story. We are upside down by about $6K, but he doesn't want to give it up. It's a 2006 Dodge Dakota & it's hard to find a vehicle he can 'fit into' as he is 6'6" tall and wears a size 16 shoe.

I have a 1999 Toyota Sienna Van (will have about 100,000 miles on it by Aug.) with all of the 2 backseats & 1 passenger Captain Seat out of it as I had an automatic lift for my scooter installed as I am disabled. The NADA retail value is more than what is allowed (Federal exemptions). It also has rear damage to the back left side as I hit my father's bricked mailbox in 2003 and I had an $1000 deductible & it was going to cost just a tad bit over the $1,000 to fix it.

I'm thinking of taking pictures of the inside where my scooter and lift are & the outside and reducing the value. Attorney suggested I go to a Toyota Dealer and get an estimate on fixing the damage also.

Luci

[imoverit]

We are giving up ours. 150k in negative equity AND we wanted to leave the location. If it wasn't upside down, I would of sold and moved on!

[StartingOver08]

Gave up my home, $200k under water. Gave up rental property that was $50k under water. Making this a really fresh start.

[dogbone33]

Gave up ours. We are under about 30k. But it is a pos! We will be moving into a brand new house in a couple of weeks! I can't wait.

[spearmint]

Gave up ours. We are under about 30k. But it is a pos! We will be moving into a brand new house in a couple of weeks! I can't wait.

Good grief! How did you manage that?

[dogbone33]

Good grief! How did you manage that?

We got lucky! I thought we would be living in a run down shack! We are doing the owner of this house a big favor too. It's a win win for all of us! We are doing a land contract.

[spearmint]

You are so lucky and I am glad for you!

Did the seller mind about the BK? Did you do a 7 or 13.

Did you have a foreclosure on your record?

[dogbone33]

We are 7. No foreclosure. He didn't even check our credit. He knows exactly what we are going through. My husband works with his brother and the people who were going to buy it backed out. So it just kind of all worked out.

[spearmint]

I believe you said you have a land contract which I think means that the seller still owns the home. How long is your land contract? Hopefully, you can get financing at the end of the land contract.

Now that makes me wonder if it is possible to get a home on land contract while still in a Ch13?

[slam22]

We were discharged back in September, haven't made a payment on our mortgages in over a year and we are still in our house. 300k underwater. Countrywide hasn't tried to foreclose yet but that day will come and we will give it up then.

[Mi Bankruptcy]

Gave up ours. We are under about 30k. But it is a pos! We will be moving into a brand new house in a couple of weeks! I can't wait.

I would have never thought about this. What happens if the owner defaults while you are in a land contract and then lists you under the bankruptcy? I suppose you could sue him if he\she knowingly did this. I am just curious because I would like to get out of our house. We owe what it's worth and have never been late.

I am not trying to bust your bubble.. Just wondering

[dogbone33]

I wondered about that too. But this guy has a lot of companies he runs including financial stuff.... We have 2 years but he said he wants us to buy it so he isn't going to kick us out, he will give us time.... He is even setting us up with a lady in his office that will help us with our budget and make sure our credit gets cleaned up. I don't know where to start with any of it, so to make sure it gets done I will pay her! Oh, he also does mortgage stuff.... So, it seems like a good deal...