What to do with house...

[bajaboy1]

In chap 13. Changing jobs and moving 5 states. Have a first and second mortgage. I'm paying the first, second in in BK and are not the same lender. Together they put house about $30K under water. Current wage, $122k. New job, $170k. Rough guess keeping expenses the same, my payment will go up over $1000 per month if i walk away.
Lawyer tells me if the first and second were same lender, they may have made a deal and take house back. Since they are different, no chance. They also tell me if i walk away, they will come after me for the difference in what they sell for vs. what i owe total.
So confused whether to take new job or not, walk away or not...
Thanks

[dmc-2008]

Can you keep it and rent it out? Maybe your new living exp will use more dmi than you think?

[bajaboy1]

Can you keep it and rent it out? Maybe your new living exp will use more dmi than you think?

Interesting other than the long distance. And what is DMI?
Thanks

[LadyInTheRed]

DMI = disposable monthly income. It is part of what determines your plan payment.

You could hire a property manager.

[bajaboy1]

Since i dont have to disclose tax returns or anything, who would know if i made a move, rented this house, changed jobs, etc. as long as they get their money every month? What am i missing?

[dmc-2008]

I think unless you are in 100% payback Plan you have to disclose increase income but i am not sure. Ask atty?? Good luck

[LadyInTheRed]

Since i dont have to disclose tax returns or anything, who would know if i made a move, rented this house, changed jobs, etc. as long as they get their money every month? What am i missing?

Instead of asking "who will know", ask "if the trustee finds out from somewhere other than me and my attorney, what are the consequences?"

You are required to report a change of address to the court. The trustee will find out if you move.

[niko]

I agree, I moved at least 4 times during my bankruptcy and every time i did that i called them and let them know. They will send you statements and if they are returned back because of non-delivery, they will find out. It is not worth to risk it.

They can also find out by your credit report, new place you will be moving to, your landlord will run credit report etc, all the utility companies etc.

Be smart and take the job! Never let that job pass by! They don't come out too often in this economy. You can figure out the rest later down the road. Just be patient. GOOD LUCK!

[BrokeDavis]

I understand he wants to disclose the increase in income, but will the trustee actually have access to his credit reports? Or will they go by the one that was initially pulled at the beginning of his filing?

[niko]

I think Auditing people checks that info at the end of the completion.

[TXskyblue]

Is the new job going to pay enough to make up for the 30K loss you'll have to pay?

I wouldn't do it.

[bajaboy1]

More like 50k after checking homes sales here. So thats a one time thing, job will last another 20 yrs I would hope.