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    #1

    Surrendering Home

    Is there a particular timeline for when I should surrender the home?? I was considering doing a ridethrough, but I am not sure I can continue to afford the mortgage.

    I filed BK7 4/15/08, had my 341 5/16/08, due to discharge 7/15/08. I have not reaffirmed my mortgages. Both were included in my bankruptcy.

    June will be the 1st month I will be missing.

    If I am discharged before the forclosure, will that appear on my CR's as a BK PLUS foreclosure, or will the mortgages show as a discharged in BK??

    This is so confusing to me. My attorney says all will be ok, but...
    Thanks for any advise.
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    #2
    They can't foreclose on you until your discharge is over...unless they file a motion with court (and it gets approved) to rease the stay. If you are only one month late, I doubt they will do this. The timeline of needing to leave your home is different for each state. Do a google search with the state, timeline and foreclosure to find out how long you have. In my opinion, you might want to save up your money instead of surrendering the home. As far as the other question (foreclosure show in credit and how it affects credit report) I wish i myself could get a straight answer on that one.
    blush2:

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      #3
      Consider this:
      You haven't had any debts to pay on since at least April, probably before.
      Even with that, you somehow still can't pay your mortgage.
      Unless you see your income increasing soon, or some sort of emergency caused you to miss the mortgage payment, I'm not sure you can afford this home long term.

      Comment

        #4
        Nope, I definately don't see my income increasing (if anything, I could be out of work within the next six months).

        And in case you have the idea I'm rolling in it now that there is BK, WRONG!

        Try my gasoline bills are now almost as high as my mortgage (yeah I commute, but not for long if I get rid of the house), the prop taxes just took a good hit, and now that school is out, daycare bills are going to double.

        Never mind the ever increasing cost of food, medical premiums, co-pays and utilities.....

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