Need advice from others that have btdt

[willsurvive]

We filed for CH7 bk on December 4th. In the papers we have said that we want to reaffirm out mortgage and 2nd mortgage. Our attorney has advised us not to sign anything real estate related and to just ride through. Well, we are really nervous in this economy with my dh's job. He works in the construction industry and you all know how that is going. Long story short, we can afford the payment on paper, but it doesn't "feel" right if that makes sense. Also, two weeks ago, my dh took a 20% pay cut due to payroll reductions to help with bidding and landing the jobs. The 20% is supposedly temporary, but we don't know for how long. Anyway, like I said we are nervous as *heck* with his job and to stay in a home with a hefty mortgage is scary too. We are current today on the mortgage, but won't be if we don't pay by December 16th. My question, what would you do? Ride it out for a few months and try to pay the mortgage and see what his job does? Or should we just stop paying and let it go? Also, for those that have btdt, how hard is it to rent? We have 5 kids and I'm sick of moving every few years and starting over with schools and friends etc. If we do let it go, I want to find a place that will let us rent long term, not just for 1 year. Thanks everyone!

[okiemom2008]

We filed for CH7 bk on December 4th. In the papers we have said that we want to reaffirm out mortgage and 2nd mortgage. Our attorney has advised us not to sign anything real estate related and to just ride through. Well, we are really nervous in this economy with my dh's job. He works in the construction industry and you all know how that is going. Long story short, we can afford the payment on paper, but it doesn't "feel" right if that makes sense. Also, two weeks ago, my dh took a 20% pay cut due to payroll reductions to help with bidding and landing the jobs. The 20% is supposedly temporary, but we don't know for how long. Anyway, like I said we are nervous as *heck* with his job and to stay in a home with a hefty mortgage is scary too. We are current today on the mortgage, but won't be if we don't pay by December 16th. My question, what would you do? Ride it out for a few months and try to pay the mortgage and see what his job does? Or should we just stop paying and let it go? Also, for those that have btdt, how hard is it to rent? We have 5 kids and I'm sick of moving every few years and starting over with schools and friends etc. If we do let it go, I want to find a place that will let us rent long term, not just for 1 year. Thanks everyone!

I can't answer many of your questions but about the renting, it depends on where you live. If you check on craigslist there are tons of rentals. I had a really hard time finding a rental but only because of my dog being a pitbull and people not understanding that he is not viscious just because he has pittie in him. Other than that it would have been easy to get a rental. I was asking my husband about how hard it would be to rent after a bankruptcy and he said as long as we could give like 6 months up front he does not think people would turn us down. Sure, we would have to save but we need to and it will be good for us.

Sorry I cannot answer more of your ?'s. Good Luck to your family

[StartingOver08]

In our market it is not difficult to rent - and you do not need six months up front! You need first and security. Some people want a last month - but I have not seen people ask for more than that....There are quite a few properties to rent, natually it depends on the rental rate. Apt complexes are hard - they do not like BK's usually. But private owners are ok, unless they are a first time landlord. I am a real estate agent - just be upfront with your situation and you will not have a problem.

The dog issue is a separate issue and is more complex than the BK issue.

BTW, the reason it is tough to find someone that will rent to you with a pit bull - the insurance companies will cancel the homeowners insurance if they find out you have a vicious breed on the premises. I am not saying that to be mean...there is a list of vicious breeds that the insurance company's use to classify dogs. Check here to see the a common list used by insurance companies: http://www.insure.com/articles/homei...og-owners.html

I love dogs. But most owners do not want to lose their investment home because of allowing a dog that the insurance company will not allow on the premises.