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After Chapter 7 My House

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  • After Chapter 7 My House

    I filed two years ago and I been rebuilding my credit slowly and carefully. At this time we are wanting to move from our house. We were not aware that our house was included in the Bankruptcy. At this time when I look at my credit report there is no Mortgage listed it shows as part of the bankruptcy.

    We have always paid our mortgage the BK was driven more on credit cards and personal loans. Our home has always been paid on times. BEFORE you reply please do not be judgmental we are not trying to scams the system or trying to get hand out. This is strictly business.

    My Questions:
    1. -Am I protected with the BK if I stop paying my house?
    2. -Reason I ask the first question is we are looking to move and the housing market sucks and we are upside down and if I try to sell I never get any money out.
    3. -I was thinking in order to build cash we would stop paying for 10-12 month then move.

    -Can they foreclose faster since its already included in the Bankruptcy?

    I want to walk away because the home I'm paying a large mortgage payment for each month has lost nearly half it's value. It's likely a bad business decision for me to stay in the home and continue to pay for it as is. Between the mortgage, interest, PMI, and association dues I pay a little over $2,600 a month to live in this house that has lost half its value. We will never get our money back. Its a terrible investment if I look at it as a business.
    Last edited by mlopez60120; 12-07-2013, 04:53 PM.

  • #2
    Welcome to the forum. . .

    If you did not reaffirm the mortgage (and apparently you did not) you are free to walk away at any time. Once you stop paying the lender will have to abide by state law as it relates to foreclosing. The fact that you previously did a bk does not speed up or slow down that process.

    Please note that if you have a HOA you should keep those payments current until the property is lost to a foreclosure or title to the property changes.

    Des.

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    • #3
      Why would anyone be judgmental? Businesses file for bankruptcy all the time, and dump unprofitable leases, loans, and other obligations. You as an individual should view it the same way.

      If your house has really lost as much value as you claim, then it doesn't make economic sense to keep throwing money down a "black hole". You can quit paying the mortgage, live there payment-free while the bank forecloses--which can take years, especially if you try to contest the foreclosure--and then move out and find an apartment. As Des already posted, you must still pay the HOA dues until the bank forecloses, so you might as well stay there and think of it as cheap rent.

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      • #4
        What you propose is what is usually recommended here
        Welcome to the forum!

        Keep On Smilin'

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        • #5
          Originally posted by bcohen View Post
          Why would anyone be judgmental? Businesses file for bankruptcy all the time, and dump unprofitable leases, loans, and other obligations. You as an individual should view it the same way.

          If your house has really lost as much value as you claim, then it doesn't make economic sense to keep throwing money down a "black hole". You can quit paying the mortgage, live there payment-free while the bank forecloses--which can take years, especially if you try to contest the foreclosure--and then move out and find an apartment. As Des already posted, you must still pay the HOA dues until the bank forecloses, so you might as well stay there and think of it as cheap rent.
          Yep, it can definitely take years. My mother's house is currently in foreclosure. She hasn't made a mortgage payment in nearly 3 years, and her house still hasn't gone up for sheriff's sale yet. She is still living in her home.

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          • #6
            OP, check this out:


            [URL="http://www.[/URL]

            Some of these people have been in their home for years. Frankly, if the bank hasn't moved in all that time, I figure the homeowners are protecting the investment by keeping the house up and out of the hands of vandals.

            I know that you had good intentions posting that link, however we're here to help people, not to teach them how to game the system. Thank you / frogger
            Last edited by frogger; 12-10-2013, 02:29 PM. Reason: Removed Link

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            • #7
              brokehmowner: some of these people have been in their home for years. Frankly, if the bank hasn't moved in all that time, I figure the homeowners are protecting the investment by keeping the house up and out of the hands of vandals.
              no not us....there's a tree growing on the first floor now from what we hear. luckily in the state that property is in, is the ONLY state in the USA that the lender is responsible for everything once the creditor has served or began foreclosure. many of these homes are no longer investments or are still underwater while i understand there are parts of the county that were not really effected as much as others in their home values. most you see or read about are in those areas.

              also be careful with loansafe, it's FULL of banking people and does not always lead one in the correct direction.

              one needs to know whether they are in a judicial or non-judicial state prior to making a decision when or when not to move. while judicial states can take years a non judicial state can take 90 days or even less. so one needs to do a bit of research about state law etc., to make a sound decision as whether or not to stay or haul.
              8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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