few more questions...

[tstephens]

I haven't filed yet but going to soon...few questions if anyone has the answers.

I am planning on moving to another city..job transfer. I have tried to sell the home I have now and can't get it sold and its upside down anyway. I can't afford it so I am going to let it go when I file... but I just purchased a mobile home recently to put on some property we have owner financed to live in when we move. Is this going to be a problem, that I just bought the mobile home, or have land (both are not paid for) as I said the land is owner financed, and the mobile home is financed for a short time through a bank not a mortgage. can you give up one property (my current home)and not the other (the place im moving to)? can I reaffirm the loan on the mobile home and keep making the owner financed land payments? I don't want to lose the place we are planning to live.

Also how long after you file do they take possession of the home you are letting go of? Once I file will I have to make payments on this home or does the stay keep it where I don't have to make payments on it, and it will stop a foreclosure right? I am currently 1 month behind on that payment. also how long can you be behind on a mortgage payment before they start foreclosure proceedings? is there a certain time frame. Im wanting to file in january after christmas but need to know if I have to make my mortgage payment or not before then.

I think thats it for now..thanks for all of your help.

[Help!]

Do you have equity in the mobile home right now? If you made a sizeable downpayment, for example, it could be an asset you might not be able to exempt.

When you file, you don't make payments on the home you intend to surrender. Unfortunately, the foreclosure process is the only way for the lender to take possession of the property. Most lenders are granted relief from stay by the court and begin the foreclosure process shortly after you file if you intend to surrender the home. Judicial foreclosure is required in some states, but in other states it's possible to transfer the deed through non-judicial foreclosure. The judicial foreclosure process can be extremely long and drawn-out in some states (18 months for our neighbors, and that was before the market was flooded with foreclosures). I hope this helps.