On Disability and no income

[DGranny]

Wow, did I need to hear all of these threads about letting go.

After 30 yrs. as a stenographer I am disabled and can't do that (or any) job anymore; however, I'm in limbo financially 'cause workers comp hasn't settled, disability retirement hasn't been settled due to a tiny loophole that favors the retirement board and I am pending an appeal on my SSD application. Thus, I have NO income at all right now.

I put $250,000 cash down on a $500,000 home in Dec. 2005 I thought I'd retire in that is now worth ONLY $225,000 (yeah, $25,000 less than what I put down on it).

Needless to say, I am filing Chapter 7 in pro per tomorrow. I have used a copy of the Nolo book that is awesome. But I don't know whether I should 'surrender' my home now or say that I want to redeem it, in hopes of a ruling in my favor re the SSD appeal, which would give me a pretty good sum of money in retro payments.

I also don't know whether on the Statement of Intention I should claim or not claim the exemption for the real property. BTW, I also have a $97,000 HELOC secured by the real property and Thank God I have no credit card debt whatsoever.

I'm hoping to be able to keep my home mainly because I put so much cash money into it, but if I have to walk away, I will. Does anyone know how long after 'surrendering' real property in BK 7 the lender starts to foreclose; e.g., does surrendering the property automatically lift the 'automatic stay'? One last question I hope someone here can help me with:

Do I list my past due HOA dues (8 mos.) on the Statement of Intention as 'personal property subject to unexpired lease'?

Sorry, this so long, but seems once I get started, I can't stop. ANY advice will be greatly appreciated. DGranny

[keepmine]

Why are you even filing?
You have no income and have negative equity in your home.
How are you going to make the mortgae plus, HELOC payments with no income?

[DGranny]

Thanx, for the reply. I am filing, I think, to get rid of the HELOC debt, mainly, and keep my home if I possibly can. As I said, hopefully the SSD appeal will be in my favor and that will trigger LTD benefits to be paid by my employer. I know I sound crazy and I think I have gone crazy under all this pressure. I also know my plight sounds incredible, even friends and relatives don't believe I am where I am right now, but I am. So, to you, Keepmine, if I don't file now, then do I just wait to be put out on the streets by the lender? I have been a homeowner since 1978 and have never come anywhere close to being foreclosed on. Can you answer any of the other questions I had in my original thread? Thanx, DGranny

[keepmine]

You can't get rid of the HELOC in a Chapter 7 and still keep your home. The debt will be discharged but, the lein is a secured debt and will survive bk. If they choose, they can foreclose.
As far as how long a foreclosure takes-it just depends on if, you are in a judical or non judical foreclosure state and how aggressive your lender is. At a minimum, you likely have 6 months or more.

[enari]

DGranny,

I'm on disability too. The SSDI - if - you get it, is generally non-garnishable. Appeals can take a long time, payments received aren't always what I expected it. Holding on - for the promise of expected money, is one of the things that got me into trouble.

There are programs - if you haven't filed, and look hard enough - that can help with the housing, even with the disability.
Good Luck.

V