CH7 question regarding 2nd Mortgage

[Dollar Bill]

Many people lied, and some people lied for them without them knowing.

[debtmonster]

I never lied. They saw everything in black and white.

Right now the P.I.T.I. for our home is about $1100 for a small house way out in the middle of nowhere. It costs hundreds of dollars per month just for fuel to go to the stores and other stuff.

I just came back from a friend's house who is in the middle of going bankrupt. He was paying $2500/mo. for his mortgage for a beautiful 2200 sq. ft. home.

He's now renting a new 4 bedroom, 2800 sq. ft. home with a 2 car garage, all new appliances, screened lanai in a nice neighborhood for $1300/mo. which includes the lawn service and cable. Between what we're paying now plus all of the fuel, he's making out way better than we our without a 2 hour commute added to his trip to Sam's Club each time. He got lucky. They did not check his credit. His house is gorgeous. He said he will never buy another home again. I want to do the same thing.

They say it's pointless to own unless you plan on living in the place for 20 years.

[NowImDownInIt]

I'm in the same boat, but make less than you now. I haven't had a day job paying $60k or more since the Dot Com bust. If we left our house, we would not get approved for an apartment. I have 3 apartments that want money from me. I relocated for jobs or financial reasons and could not keep a job long enough to keep paying them. That's what amazed me about getting approved on our house. We can't rent an apartment, but they would approve us on a mortgage in 2005. Go figure.

If you're making $60k and paying $700/mo., that is very smart. That's what you should be doing instead of getting into a $2500-3500/mo. mortgage like many people have done.

I would love to do that right now. If I end up getting divorced, I will have to rent a room from somebody privately without a credit check. I would love for my rent to be 10% or less than my gross income!

I got approved for a mortgage in 2006... I went down that road but it ended quickly. I gross 60K, but between 700 a month in daycare and 700 a month trustee payment, my take home is much less. I've had a helluva hard time trying to find an apartment and when I finally did, had to do double security deposit.

[debtmonster]

I got approved for a mortgage in 2006... I went down that road but it ended quickly. I gross 60K, but between 700 a month in daycare and 700 a month trustee payment, my take home is much less. I've had a helluva hard time trying to find an apartment and when I finally did, had to do double security deposit.

Wow! And the thing is, if I found an apartment that would let me... and let's say the rent was $900/mo...

First, last & security... $900 + $900 + $900

That's a lot of money to move in, not including my moving costs, after I just finished paying $3400 to a BK attorney and then I needed a couple grand for a used car. And all of this would have to be done in a very short time.

I was wondering, if I went BK on my house, how long could I stay here before they came and kicked me out after filing?

[HHM]

This thread has gone way off topic and what started as a good and informative conversation has been lost.