Letting house go?

[Teddy]

I just filed C7 - I have a mortgage that I was going to keep and stay in our house.

I'm going to make the story short - what if I let my house go? We would have somewhere to live and probably do a land-contract sort of deal with my husbands friend.

How horrible would it be to let the house go? I have no equity - if I sold it thru a realtor I might break even. I have been in it 2-1/2 years.

I wouldn't have to worry about the mortgage since we'd be buying a house from husbands rich friend.

Opinions? Sell my house then do the land-contract? I'm not sure how quick my house would sell.

I think my main question is how bad it is to let my house go?

[car67]

Let it go... The timing is now to do so.. If you filed you can walk away from your house with no penalty as long as you dont reaffirm the loan....

[mesa777]

I am facing the same situation, can't even file a 7 w/o my house being included in the means test, but of course the US Govt can bail out a bank.. Anyways I am going to stop paying both my 1st and 2nd mtg after my 7 is confirmed and live rent free for several months, I am very depressed thinking about letting my home go as I worked very hard to get it, everything is going up so much, gas, food and no more overtime at work, last resort situation..

[Teddy]

I wonder how awful a foreclosure looks? My house could use some work in the bathroom and I think we might have a leak in the kitchen (I think the leak was there before at some point in time and it's come back).

I hate leaving my house - I worked very hard on it - like you mesa777 - bought it when I was single and I'm kind of proud but if we can move to a house better suited for my current family situation and get it on a land-contract from husband's friend, it might be a good idea. Our house just isn't big enough anymore. The other house has everything re-done and is much bigger.

This would be a very hard decision for me. I appreciate your input.