Bankrupting mortgage, how soon should we look for another place

[ccaplinger]

I am just wondering how you managed bankrupting your mortgage and losing your house. My main concern is moving. How soon did you have to move out of your house? Did you move before the discharge or after?

We are meeting with our attorney for the first time today so we haven't started the process yet. However, we are discussing getting rid of the house. It's falling apart anyway. It was built in 1922.

[BassBoy]

Depending on your state will depend on the timeframe to complete the foreclosure. Some lenders will drag their feet. The number of foreclosure sales in your county can also determine the length of time if you're in a judicial foreclosure state.

You can begin looking for a new place as soon as you please. If you're going to be renting a place, it's best to call around and ask what the criteria is for someone with a BK on their credit report. From my expereince, the apartment complexes were a little more strict........larger deposits for one, but wanted us to be 3 months post discharge, one year post discharge and 2 years post discharge. We found it easier to work with private homeowners and that's where we ended up......in a house instead of some cramped up apartment. That would have been very difficult for us with 2 boys. Oh, we moved into our new place just after our discharge, but had signed the lease a month or so prior to our discharge. We wanted out of the house, PERIOD! We didn't care if it was going to sit there for more than year. We wanted to move on and not have to worry about when the time came to move. Ultimately, the house sat empty for 16 months before anyone took possession.

Best of luck to you!