Wondering what you think I should save for first...

[Allmixedup]

I still have not filed bk yet. I am still trying to pay off lawyer. Also I am surrendering my home in the bk. My hubby works for a supplier for Gm (one of the plants that is being idled by the way.) So, he will be layed off for who knows how long. We will have to scrimp to save what we can because he doesn't get paid that much on unemployment. I do work by the way. I was just wondering someone elses perspective..would you save up for the rental first or get the bk filed and over with and then save for the rental. I am at 90 days late on the house. Everytime I think I can tuck money away something happens...It just seems impossible right now to save 1000 to pay off attorney and 2000 to move....any advice??????

[downsized]

I would try to get some housing lined up before filing if it were me.

And hugs to you. We're fellow Michiganders in the same boat. Dh was permanently laid off in March.

[mamaluv]

I would save up for your rental first, unless there is a timing issue where you must file by a certain time.

[ccfriend]

I am also in MI! I am sorry for your hard times with the GM loses! It is a tough state to live in right now. I wish you the best!

[Allmixedup]

Thanks for the replies..I am thinking the same thing. I should save for the house first. I have three kids and it seems more of a priority to me. I know Michigan is suffering right now...I hope it gets better for those of us who still live here!! Where are all those jobs the president said we would get with the stimulus money???????

[JRScott]

I hate to tell you but that stimulus package was mostly short term jobs, any jobs created by it will be gone by 2012 and most a good deal sooner.

As for the original question I'd work on the rental. Get something you know you can afford (even if kids have to share bedrooms..unless opposite sex of course) for at least the next couple of years.

[Migal]

More support for us Michiganders

Another Michigander here. Wishing you the best! My hubby is a recent GM retiree. Times they are a changing!

[kenshirley]

We left our home and property and found a rental first.
Don't forget the deposits and all that you will have to pay there.
Many homeowners forget about stuff like that.
And if your credit is bad and you are changing utility companies you will have steep deposits there too.

[dingdong]

Check on your states FC laws. Many, many people are staying in their homes for a year or more without paying a mortgage. Some up to two years.

Especially in areas with higher FC rates than others,like MI, banks are simply finding that it is less expensive to have the homeowner stay in their homes and maintain the place , pay insurance, etc, than FC.

IF no one is buying, then keeping the house occupied actually puts the bank in a better position when the market recovers and protects the property from further devaluation due to neglect and maintainance fees.

When you throw a BK in the mix, it stalls the FC even longer.

Talk to an attorney in your area and ask him/her how long FC are taking.

If you don't need the payment for the means test, you could find yourself with a nice little savings account when FC time actually comes.

Your attorney will know the timeline and the specifics for your area.

Even if you aren't making the payment, you can save some money on rent if you move later than sooner.