How Much Time In House Before Forclosure?

[unclerico]

After a lot of anguishing over whether to keep our house in the chapter 13 plan we decided to let it go at the time of filing coming up. We are 30-40K upside down because of market conditions. We never took any equity out and do not have a second mortgage. The neighborhood is being overrun with crime and staying would be stupid IMO since this is our only real opportunity to leave.

With that said, My biggest concern is how much time I will have in my house to save a couple of thousand dollars so we can move. We literally have no cash on hand and would need minimum one month if not two to get out of here.

[OhioFiler]

I don't know where you live but I can assure you the foreclosure and eviction process will take many months. If you really want to save money, stay there for a year.

[unclerico]

I don't know where you live but I can assure you the foreclosure and eviction process will take many months. If you really want to save money, stay there for a year.

HI

Thanks for the reply, Unfortunately I am in a real bad neighbor situation complicating matters where I fear for my wife and daughters safety. Two months would give us enough time to get out. My biggest concern was whether not making mortgage/rent payments for a month or two after filing a 13 would affect my plan.

[falken]

If your intention is to surrender the house in the 13 there is no need to keep making any payments on it.

Actually, making any payments would just be throwing your money away.

[unclerico]

If your intention is to surrender the house in the 13 there is no need to keep making any payments on it.

Actually, making any payments would just be throwing your money away.

I agree as this is what I intend to do, but I need to have a rent deduction for my 13 plan. I didn't know how this would affect my filing, not paying any housing for a couple of months.