How much time do I have?

[TatteredInTexas]

Hello everyone,

My wife and I are in the process of completing our CH/7 forms, in preparation of filing sometime this upcoming week, or the first week in October (at the latest).

We have decided to let the mortgage company have the house back, due to being unable to catch up on back payments, upside down on equity, and payments that we just can't afford any longer.

Once we file the B/K, how long before we will have to vacate the house? Obviously, we know we can't keep it but, we need a place to live while we try to save enough $$$ to find a new place. Lender has not started foreclosure yet, but is probably only a week or two away.

Also, most places nowadays require a credit check prior to allowing you to rent from them. Our credit already sucks, but will the B/K make it even harder for us to find a new place to live?

Thanks in advance for any words of wisdom!
Ronnie
TatteredInTexas

[Cmonlottery]

Find out when the foreclosure sales happen in your area(an attorney can probably tell you). In the DFW area they happen on the first tuesday of the month. Filing will halt any proceedings that the mortgage company has already started and then they will have to file a motion to lift the stay. All in all it could take 2 to three months before the house is sold and then they will have to file paperwork to get you out of the house. If you play it right the mortgage company might actually pay you to leave the house once it is sold.

As far as renting goes try and find some indidviduals who have rental properties and avoid the stuff managed by the big corporations. They are easier to work with and might overlook or nor even pull your credit.

[TatteredInTexas]

Thank you Cmonlottery,

I appreciate the information very much.

We just need a couple of months to save up some funds to move on, but... we'll gladly stay and "house sit" for them a long as they would like.

We are in the DFW area so... the first Tuesday would apply. Also, if I understand it correctly, they have to post notice 21 days in advance of starting foreclosure - to my knowledge, that hasn't been done (yet). So... looks like we have a little time.

Thanks again for your generousity!

All the best,
Ronnie
TatteredInTexas