Surrendering the house in a chapter 13.

[ilbcertain]

How long does the process take before we would have to move? Will we have a hard time renting because of our Bankrupcy/ forclose. Will they give us an opportunity to rent the house? Thanks.

[BigJohn]

How stable is your current emplyment?

[lrprn]

How long does the process take before we would have to move?

Depends on how quickly your lender gets permission to lift your automatic stay to foreclose, how long the usual foreclosure to sale goes in Washington, and how anxious your lender is to sell the house after they take possession. Some lenders move quickly, others wait many, many months.

Ask your lawyer what other clients have experienced after surrender.

Will we have a hard time renting because of our Bankrupcy/ forclose.

Given that so many people around the country are having significant financial issues now, most of our members are reporting they are not having a problem renting, especially when they were willing to put down 2-3 months rent up front and/or sign a two-year lease. Big apartment complexes are the most likely to turn you down for having a bk on your record. Smaller properties that are not run by large companies and people renting out their own houses tend to be less choosy.

Will they give us an opportunity to rent the house?

Who is 'they'? Your trustee? Your lender? Both?

Regardless, let's say you do get permission from your trustee to rent your house and then you move into a rental and make it your new primary residence. Justifying receiving rent to make some or all of your house payment after you set up a primary residence elsewhere while you are in an active Ch 13 to avoid surrendering the house is going to be tough to get past your trustee. This is something to run by your attorney before moving forward doing anything related to your house or renting for yourself. Good luck!