Letting House Go After Filing

[MGBK]

Do not think of being evicted. After your home foreclosure sale takes place (and no one buys it) you will have some time--there's a document you can file with your county (at least in Cal.) that postpones any attempt at eviction. At that point, your lender will offer you "cash for keys." We're talking like $2000, or whatever you negotiate. At that point, you'll surrender the keys, take the check, and start over--phew!

What form is it and where can I get it? I *think* we are headed down that path, but I am not sure. But I want to be ready. You can do the "cash for keys" after you file? What if you have a second?

[Doghouse]

^^^

Also curious here as to what county form you can file here in California to postpone any attempt at eviction.

[Medora]

Hmm... not sure my lawyer told me about it.

[Mark80]

WOOPS WRONG THREAD! Sorry!

[biotechsolution]

CindyLou is right about the mortgage.

If you mortgage is close to what the IRS standards are you won't have any problem including it in your means tests even if you are giving it back and including it.

The problem lies in when you mortgage payment is way above the IRS standards..you then have to more or less justify your expenses above the means test. It is a bit tough to justify the extra expense when you are surrendering the house. That's why it's important to at least stay current to your 341 hearing and give the appearance of keeping your home.
If you trustee sees your giving up the home they may limit you the IRS standards when renting a new place.

Just keeps thing simple.