Timeline when surendering a house?

[tay666]

It's all in where you live.
Here, prices are low, as not a lot of people have high incomes.
Most of the manufacturing is moving away, and most people are driving an hour or two to get jobs with a good pay scale.

It's funny. As I was looking at the houses for sale online to get an idea of the market and such.
Saw the house we looked at before we looked at the one we are in now.
We passed on that one as it was too small for our needs at the time. 2 small children, not enough room for them to run around inside, or in the small yard.
15 years ago, it was selling for around $24,000.
Now it is selling for $15,000. (and has been listed for over 3 months already)
I have driven by it and it looks like it is still well maintained. Just that the rest of the neighborhood has gone downhill.
Just shows that real estate isn't always all it's cracked up to be.

[calif]

So, if we file CH7 what happens in regards to the house?
Do we stop making payment then?
I would advise against it.
Does the bank start foreclosure proceding then, or do they have to wait until after the 341 meeting?
No, the bank has no reason to start foreclosure until they know that you are not going to reaffirm the loan on the house.
Is the whole bankrupcy pretty much on hold until after the house goes to sherrif sale?
I would say that everything is dependant on the discretion of the trustee.
It would be my guess that if the trustee decides to sell your home, he or she has received reassuring information that a sale will suceed.
How long can this whole thing drag out?
It would be my guess that you will have ample time to plan your next option during this process along with the information from the court and your lawyer.
Please note: These are only my opinions based on the amount of limited knowledge at my disposal. Good luck to you.

[tay666]

Thanks calif.