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Any up/down side filing before or after foreclosure?

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  • Any up/down side filing before or after foreclosure?

    My spouse has our mortgage in her name 420K first 45K 2nd, maybe worth 375K with the new economic issues in Washington I guess it will decrease in value in the near term.

    Here in NY it takes about 1 year plus to foreclose, I was thinking about stop paying this mortgage at all take those future payments and keep them for another house (we can now move out of this 4 BDM 2800 sq ft monster into something smaller for a lot less money.

    I can save $2400 a month in a year almost 30K, then she can file a 7 and wipe out the deficiency and a few other things.

    Or file a little before the actual sale and delay/save some more.

    Any ideas on that plan?

  • #2
    As you can see, I'm in NY. I stopped paying April 2010 and I'm still in the house. No movement on the foreclosure. A complaint was filed, but that's about it. I think that's a great plan.
    Filed August 20 341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!

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    • #3
      Do not file for bankruptcy until AFTER the foreclosure sale is complete and the deed is out of your name. Otherwise, you can find yourself liable for (and being sued over) HOA fees and assessments, city fees and penalties, and liability issues stemming from the house. If you wait until after the house is foreclosed, then you can discharge ALL liability for the house in your bankruptcy!

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      • #4
        I haven't paid in over a year, bk closed 7/8/11 and still nothing on the foreclosure and/or sheriff's sale. Don't have HOA so that is not a problem, city fees are sent directly to the bank. Your plan sounds good to me too.

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        • #5
          After just watching 60 minutes, they had a segment on false assignments when these mortgages are sold to another co.

          I think for now I'm going stop paying and wait to get a letter or call, ignore either of those. Wait for a summons/foreclosure.

          Answer that with some type defense and play it out.

          Discouraged; how long ago did they start your foreclosure? Did you send in an answer?


          .

          Comment


          • #6
            If you file NOW, you could (probably) count the mortgage payment as an expense on your schedules.

            If you waited until just before you were to be evicted, you'd buy a little extra time in the house (maybe a month or two, the time can vary of course). Also, any money you had saved up could be at risk (i.e. you say $2,400/mo, so if you file after a year of saving $2,400 in a savings account, you now have $28,800 in assets that the trustee will be interested in). And...if you're not paying rent or a mortgage, you may not be able to claim that cost on your schedules.

            So, if you intend on saving that money in a non-exempt account (or even in an exempt account...always run your plans by a lawyer first), have no HOA fees to possibly worry about, could use the extra $2,400 monthly payment on your schedules, and aren't too worried about buying an extra month or two in the house, I'd look into filing now.

            Oh yeah...if you file before you're delinquent, then your credit report will not take as big a hit as if you file after being many days late AND have a foreclosure. I wouldn't worry too much about your credit report though.
            Standard disclaimer: I'm not a lawyer. I am an idiot. Do not take my advice. I am not responsible for what happens if you blindly follow an idiot's advice. Blah blah and more legal stuff.

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            • #7
              Interesting take, but my income wouldn't count since only my spouse would file, who before filing will retire and only have a small SS income.
              Her income can go into my bank account or a joint account for saving the 2400 per month,

              The bank pays the taxes and insurance no other HOA or anything like that, we just pay utilities.

              How's that idea?


              .

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              • #8
                Why does she need to file at all? If the wife will be the only one filing and all she will be receiving in NY is a pension and SS, that is exempt.

                Comment


                • #9
                  Jimbo doesn't want to waste anymore money on an upside down house, correct?
                  Filed August 20 341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!

                  Comment


                  • #10
                    correct, I want to build a bank roll, this way I gave the bank thousands over the years in interest so they still come out way ahead.

                    I think it's realistic to get 12 months at least or about 30K, if it can be pushed longer well you can do the math.

                    Comment


                    • #11
                      Originally posted by jimbo367 View Post
                      Interesting take, but my income wouldn't count since only my spouse would file, who before filing will retire and only have a small SS income.
                      Her income can go into my bank account or a joint account for saving the 2400 per month,

                      The bank pays the taxes and insurance no other HOA or anything like that, we just pay utilities.

                      How's that idea?


                      .
                      Your income does count, even if your wife is the only one to file. "Household income" is what is used. Your bills are then backed out of the gross income, and what is left is the amount that you contribute to the household. Be very careful about BK planning and not using your income in to the equation.
                      Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
                      I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

                      Comment


                      • #12
                        This is interesting re: non filing spouse,

                        Comment


                        • #13
                          Originally posted by jimbo367 View Post
                          This is interesting re: non filing spouse,
                          The non-filing spouse not turning over his/her tax refund to the trustee is much different than not including all household income in the filing. Apples and oranges. Everything that I've read to date states that "all household income" be taken in to account when a person files for bankruptcy. Now you may be able to exclude most if not all of your income (depending upon your bills and personal expenses) but make sure you can document that.
                          Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
                          I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

                          Comment


                          • #14
                            Originally posted by jimbo367 View Post
                            After just watching 60 minutes, they had a segment on false assignments when these mortgages are sold to another co.

                            I think for now I'm going stop paying and wait to get a letter or call, ignore either of those. Wait for a summons/foreclosure.

                            Answer that with some type defense and play it out.

                            Discouraged; how long ago did they start your foreclosure? Did you send in an answer?


                            .
                            They sent a letter of intent about a year ago, then I did the bk and have heard nothing from them since. Once they do send me notice of the Sheriff's sale it will still be 6 months per MN law. So far, nothing, which is fine with me.

                            Comment


                            • #15
                              Another thing to consider- Your wife's SS is exempt from collections but if you co-mingle it in your savings account it could lead to it being at risk. If I were you I'd keep it in a separate savings account in her name with no other funds added to it. Also remember to consider that while SS is exempt form the means test it is included on Schedule I. Just things to consider and make sure you are comfortable with. Good luck.

                              Comment

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