So, if I Surrender my House...

[Teddy]

What happens?

I am probably posting too much about this but it's stressing me out.

If I decide to surrender, how does it work?

I am not behind on my mortgage - my payment is due in 2 weeks - my 341 is the week after. I know I need to let the attorney know before the 341 if I'm going to surrender.

Would I quit making payments? I am signed up now to reaffirm it.

I shouldn't be stressing so much, I know, at least until I find out if we can get the house we want, but I like to know how things work.

Thanks!

[JRScott]

If you plan to surrender it you would stop making payments.

You might could try and approach your lender and see if you could reset the loan terms. Considering the current foreclosures they might be willing to work with you but can't guarantee it.

[Teddy]

Hi - thanks!

I don't want to work out terms though b/c I want to move to a different house. I'm waiting to see if that pans out or not.

[keepmine]

Yep, just stop paying. They'll figure it out!

[kl030505]

if you plan to surrender, definitely stop making payments. I haven't made a payment since Aug 2007 and we are vacating at the end of this month, so we've lived here a LONG time without payments. We filed in Jan. Our attorney made an agreement with the mortgage co that we would be be out by the end of this month so that's when they will start foreclosure proceedings.

[gophermn]

Make sure you let your attny all this. I am not sure but the attny might need to amend the petition stating that you are giving it up. Someone with more knowledge can shed light on that.
See if your state has a redemption period. Here in MN we have a 6 mo redemption so you can almost live rent free for almost a year before being escorted out by the Sheriff.

[Teddy]

Thanks - I asked the attorney's office and they said it would be BEST to get it all changed before my 341. I know they do have to re-do some paperwork which would cost me $126 more.