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Leave now or stay until they kick me out?

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  • Leave now or stay until they kick me out?

    My husband and I are filing chapter 13 within the month and plan on surrendering our home (which we're 100K+ upside down on). We're only 1 month behind on payments on our first and 2nd loans.

    My question is, should we begin looking for rentals now that our credit is still good? or wait it out until we get the notice of sale? That could be a year down the road, right? Foreclosures are insane in Arizona right now.

    What are the pros and cons? I'd like to hear your experience! Thanks!
    10/27/11 - Filed Ch13 ------ 2/27/12 - Conversion to Non-Consumer Ch7 ----6/11/12 - Discharged!

  • #2
    IMO, stay put and bank the money. You won't have major issues finding a place to rent. The money you would save would far outweigh those issues.

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    • #3
      Because I am unemployed and certainly wouldn't be a good risk for renting, I opted to stay after my Chapter 7. My last payment to the bank was June 2010 and I just now received notice of the Sheriff's sale for November 10. After that there is a 6 month redemption period here in MN so will not have to leave the house until May 10, 2012.

      Due to the lack of work, this has been a godsend for me to stay here and if I do not find work, will move to my brothers' in Illinois. At this time, I have just enough saved to make it through and hope to sell things through ebay to help out. I certainly have enough to sell with having lived in this house for 8 years!

      So, for me, it has worked out to stay.

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      • #4
        We are in Arizona and we opted to rent before we were comfirmed for CH13. We had to submit a letter stating the reason for our bad credit, but that was it. We also moved to a hard to get into neighborhood.

        We were a few months behind on the mortgage and 2nd when we filed. The house was scheduled for auction while we waited for comfirmation, but was postponed most likely from the stay.
        But I think our house was scheduled for auction because the knew we were no longer in there. They had random inspections after they changed the locks.

        We filed in Dec of 2010 and the house is set for auction in Dec of 2011, that would have been a total of 16 months of no mortgage payments for us.

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        • #5
          Thanks for the great responses! if we could get a year of free rent, that would be great. Guest123, how long until you received the notice of the sale date for your home? Was it a 90 day notice to vacate? Do you remember how long the stay lasted before the mtg company could continue the foreclosure process? thanks!
          10/27/11 - Filed Ch13 ------ 2/27/12 - Conversion to Non-Consumer Ch7 ----6/11/12 - Discharged!

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