The waiting game...or "window" of opportunity

[flower04]

How long till you are kicked out of your foreclosed house?
How long does 7 take, can we finish it while we are still living in our unpaid for house?
Do we just pack up everything and wait for them to evict us or what? I'm feeling so lost about all of this. This was definately LAST resort.

Both DH and I lost our jobs (mine was part-time, his full-time, fully benefited). We have no choice but to foreclose on our home. we are upside down by about $40K (thanks economy) and our attorney said to quit paying mortgages, save the $ and plan to stay here for another 7-12 months. This seems unreal.

If DH doesn't get another job soon, we can file a 7 in the next 30 days, if he does, we file a 13 and things get sticky. We were going to file a 13 anyway before I lost my job.

Any help?

[lrprn]

How long till you are kicked out of your foreclosed house?

Depends on your state. Each state has its own foreclosure laws. If your lawyer says you have 7-12 months to stay in the house without paying, I would trust that advice and save your money rather than throwing it into a property that you intend to surrender anyway.

How long does 7 take, can we finish it while we are still living in our unpaid for house?

Most uncomplicated Ch 7s take 90-120 days from filng to discharge and closing. You can stay in the house until just before the house is sold at auction if you want, even after your 7 is discharged and closed. However, after 4-5 months start scanning the area you want to live for good rentals - don't wait until the very last minute to do that. You don't want to be caught with no place to go.

If DH doesn't get another job soon, we can file a 7 in the next 30 days, if he does, we file a 13 and things get sticky.

Flower, when did you two lose your jobs? If you look back six months from when you might file, when will your husband getting an actual paycheck coming in cause you to have enough income to fund a Ch 13 plan? (That's about $180/month extra showing on the Means Test and/or Schedules.)