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Expenses when foreclosure is involved

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    Expenses when foreclosure is involved

    Hi everyone...
    First of all, I'd like to say thanks as this is a really great resource for all types of questions and concerns. This is a question that I asked my attorney and, though he's wonderful, his answer wasn't clear. I have a feeling that was because there was no "legal" way he could answer it more clearly so asking all of you "been there's" is what I shall do.
    We are going to be filing on 7/1/07 and we are letting our house go in foreclosure. As we're not paying our mortgage and don't yet have rent to pay, how should I go about claiming expenses? Can I claim a rent expense around the amount that is allowed in my county even though I haven't yet signed a lease? I know this is going to be an expense. What have you all done?
    Thanks in advance...

    #2
    List the amount of your mortgage payment. Even though you are surrenduring the home, it's a "today's" expense.
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

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      #3
      So we can list it as an expense even if we're not paying it? Should we list the first and the second?

      Comment


        #4
        Originally posted by sunnydazeahead View Post
        So we can list it as an expense even if we're not paying it? Should we list the first and the second?
        Yes. Do not leave out any expenses!

        FYI, when we diecided to file, we didn't make the mortgage payment for 2 months, but the numbers get listed on the schedules.
        Bankruptcy History:
        Chapter 7 filed - 10/12/2005 - Asset
        Discharged - 02/16/2006
        Case Closed - 11/08/2007

        A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

        All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

        Comment

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