Is this even a viable option?

[jane taylor]

After much prayerful consideration, my husband and I are looking into selling our home. We had an ARM (I know, DUMB!) and the payments are killing us. We are basically paying for a $350,000 home and it is in reality a $210,000 home.

I've spoken to a man in our community who rents and sells homes. My husband and I worked with his wife years ago and they are great people. My question is that if this guy wants to buy our home, could we "trade" with him. I know we have to get the trustee's permission to breathe, much less do something like this.

Giving up my home of 12 years is not ideal, but I think it is the most prudent way of getting back on our feet.

Also, if we rented would the Trustee say we have more "disposable income" and force us to pay more? We were confirmed at 0% to unsecured. My husband and I both changed jobs and make more money than we did when we filed. They haven't asked for tax returns.

I know this is long, but we are REALLY struggling. I mean we can't buy clothes for our kids, I can't buy pantyhose for work, etc. And our grocery bill is well below average for a family of four.

Thanks y'all!

jane

[SinkingFast]

You'd have to get permission from the Trustee to make the change. Chances are, you're gonna have to file an Amended Plan anyway.

Renting "sounds" like it would give you more disposable income, BUT,.......

You've had job changes could mean expense changes. Maybe you drive further to work now than you did before. You have to dress a certain way where you didn't before. That kind of thing.

Your kids are a year older, possibly driving, which could mean higher auto insurance costs.

You'll probably need a couple of months or 3 in the new place to establish a pattern for your utilities and such. Renter's insurance is cheaper than Homeowners so you'll pick up some there.

While it sounds like more disposable income on the surface, once you get "real" living expenses, it may not be the HUGE amount like you'd expect.

This is definitely something you need to discuss with your attny. I'd suggest you call, schedule an appt and chat face to face about what might happen.