1 year after Ch7 and an out-of-state job

[amiscrewed]

It's been a while since I checked in here, but I have a new situation and I guess I would like a little reassurance that things are going to work out ok.

Wife and I filed last year and were discharged in Ch7 on 12/17/10. I was way under-employed until 2 weeks ago, and although we'd been mostly able to continue being current on our house, I accepted a job offer on Monday that will solve all of our financial needs and then some, but it's out of state. We live in Fox Lake, IL and the job is located in WI. I can commute temporarily but do not wish to do so for longer than absolutely necessary. We need to move.

My 1st (Wells) and 2nd (PNC) mortgages are current, today, though both were included in the BK. We might be at a break-even on the principal balances compared with the value of our home, but we would certainly be underwater after paying a realtor, etc., so there's no benefit to us to try to sell the house.

Considering that the loans were both included in the BK, how long do we theoretically have before they make us leave, if we stop paying this month?

Also, why is actually deciding NOT to send those checks every month so hard to do? I know I'm only hurting myself by staying current and that moving my family is mandatory.

[Drazil65]

Congrats on the new job! We too found it the hardest part of the process so far, not sending in the payments. I guess after just putting the creditors first for our entire adult lives it hard to reverse that thinking. You would probably have a few months of living in the house free of payments (at the least) as it takes a few months after the last payment for the banks to start the foreclosure process.

I would do that now, save up the money you are not paying each month to fund the move a few months from now. If your new job is not paying relocation then you will need it. This way you can start your job and acclimate without the immediate hassle of moving. Commute during this time and save your money. Your obligation to repay was discharged in the Chp 7 so use that information to benefit your family if you are going to move for sure at some point. Good Luck!

[AngelinaCatHub]

Congrats on the new job! We too found it the hardest part of the process so far, not sending in the payments. I guess after just putting the creditors first for our entire adult lives it hard to reverse that thinking. You would probably have a few months of living in the house free of payments (at the least) as it takes a few months after the last payment for the banks to start the foreclosure process.

I would do that now, save up the money you are not paying each month to fund the move a few months from now. If your new job is not paying relocation then you will need it. This way you can start your job and acclimate without the immediate hassle of moving. Commute during this time and save your money. Your obligation to repay was discharged in the Chp 7 so use that information to benefit your family if you are going to move for sure at some point. Good Luck!

I could not say it better. Now like realizing you needed to file BK, that was also tough, right? Well this is a business decision as well. It is time to think of your own self and family. To the mortgage holders you are just one of many victims of the economy. This is why I preach not to reaffirm any mortgages.

When you consider to vote next year, HOPE for a CHANGE in this Country. We can't survive this economy too much longer with the up coming inflation. My opinion. 'Hub

[lichteda]

This needed said again...

"When you consider to vote next year, HOPE for a CHANGE in this Country. We can't survive this economy too much longer with the up coming inflation. My opinion. 'Hub"

[IamOld]

Inflation today is caused by widespread speculation in commodities (oil, food, etc.) Otherwise we have DEFLATION - much more insidious, and always appears before depressions/in depressions.

[AngelinaCatHub]

Inflation today is caused by widespread speculation in commodities (oil, food, etc.) Otherwise we have DEFLATION - much more insidious, and always appears before depressions/in depressions.

Absolutely correct. Cars are abundant and houses a give away, and adult toys (no not that kind) are on the sales market just to keep up with the bills. I see yard sales ad nauseum and MANY people selling tomatoes, and veggies along the side of the road during the week. Their jobs now? The problem is; deflation is here but the reason is people don't have the money to buy anything. When the stimulus influx of caveat paper money printed with no backing catches up into the system, prices will rise, wages will follow and things will become extremely expensive as the value of the paper dollar becomes less valuable.

We are IN A DEPRESSION, and don't let the word-smiths fool you. We are not and have never started a recovery. This recession started on Bushes watch, but amplified on 'Bammy's watch. Once we get to the point that people won't take paper money, the Country will be rife for a dictator who will offer a chicken in every pot and a Volkswagen in every drive. (The Peoples Car). 'Hub

[IamOld]

Hub, I agree with you one trillion percent that we are in a Depression - perhaps a different "looking" one...and the talk of "austerity" is exactly - austerity - what drove the world into the ground in the late 20's as well...

Who elected the "markets" anyway?!?!?!!!

Now I know we may not all here agree with the Occupy movement...but isn't it interesting how much it "disturbs" the system???

[AngelinaCatHub]

Check this link out. We will see History repeat.

http://surfingthenewnormal.wordpress.com/2011/03/09/hyperinflation-case-study-1-weimar-republic/

[IamOld]

Yep - of course the Germans did it on purpose a bit...the idiotic reparations for a war they didn't even start themselves were to have been repaid in Marks - so they devalued it to be worthless and printed marks with which they repaid it...of course it also destabilized their society and created a ripe world for Herr Hitler...and his psycho cronies.

I just hope there is an FDR out there somewhere...

[AngelinaCatHub]

Hub, I agree with you one trillion percent that we are in a Depression - perhaps a different "looking" one...and the talk of "austerity" is exactly - austerity - what drove the world into the ground in the late 20's as well...

Who elected the "markets" anyway?!?!?!!!

Now I know we may not all here agree with the Occupy movement...but isn't it interesting how much it "disturbs" the system???

The jerks are being used constructively to do exactly that.

Now back to our OP's question before we get "busted" by a Mod. LOL. 'Hub

[lichteda]

The "stimulus influx of caveat paper money printed with no backing" is entering back into the system through political means... most noteably, commodity prices and union contracts. This leaves most in a position of deflation of assesstes (cars, homes) with an inflation of reaccuring needs (costs); heath care, energy, foods, fuel.

We are now seeing cost increases reaching non-essencial good (wait for the Christmass shopping bill).

So the normal consumer is seeing a deflation of assest value while seeing an inflation of reaccuring costs. And couple this with a wage deflation... going to get worse before it gets better.

And just think, the heath care bill has yet to be implemented.

[AngelinaCatHub]

The "stimulus influx of caveat paper money printed with no backing" is entering back into the system through political means... most noteably, commodity prices and union contracts. This leaves most in a position of deflation of assesstes (cars, homes) with an inflation of reaccuring needs (costs); heath care, energy, foods, fuel.

We are now seeing cost increases reaching non-essencial good (wait for the Christmass shopping bill).

So the normal consumer is seeing a deflation of assest value while seeing an inflation of reaccuring costs. And couple this with a wage deflation... going to get worse before it gets better.

And just think, the heath care bill has yet to be implemented.

EXACTLY! 'Hub