filing chapter 7, must you move from your house?
I am going to file a ch 7 in Michigan. Have never been late on a mortgage payment in 9 years. Attorney states house will be listed and lender will not reaffirm. Once bankruptcy is discharged, how long before I have to move out? Is it 10 months like a foreclosure or is it immediate since I have surrendered the house by including it in the bankruptcy?
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Your post is confusing. Do you want to surrender the home? DO you have any equity? -
ok..let me try to explain more clearly. we do not want to keep the house longterm. we want it listed in the bankruptcy so as to be free of the mortgage and home equity loan. once it is discharged, how long can we stay in the house rent free before we are kicked out?
also, if we continue to pay the usual amount of the mortgage and home equity loan, even if it is discharged in the bankruptcy, will the lender accept the payments as "rent" and let us stay?
there is no equity in the homeComment
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Depends on if, you are in a judical or, non judical foreclosure state. If it's a judical foreclosure state, the lender has a bunch of hoops to jump through before they can foreclose and you're evicted. Just don't sign a reaffirmation agreement.
As to continuing to pay your mortgage. That's between you and the lender. All you can do is ask. However, if rent is cheaper than whatever the mortgage payment is, you're throwing money away.Comment
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