Letting home go in 7. When to stop paying?

[Sleepy]

I know variations of this question come up time and again but I'm needing the latest opinions! Also this may seem common sense to some but help a rookie out!

We plan on letting the house go in ch.7., planned file date is Aug3.
At about what point should I stop paying the morts?
We plan on moving in to a rent/lease home at about that same time as we stop paying, while our credit still shows no major dings (big debt yes, lates no).

I'm assuming that on the means test/budget figures we would substitue the mort payment amount with our new rent payment amount, right?

Thanks for the knowledge!
Sleepy in Colorado

[fltoo]

Why not stop paying the mortgage now and stay in the house for a year so that you can save a bunch of money?

Although finding a place to rent might be hindered slightly, it really is no problem trying to find a house to rent if you have a great security deposit and can pay some months upfront instead of wasting it on mortgage payments.

[Sleepy]

I know timelines on forclosure vary state to state and I've yet to figure out ours. Your logic makes great sense though. They don't label you a guru for nothing huh?! Thanks!

[fltoo]

LOL The label only has to do with the number of postings, not how knowledgeable you are. I see lots of posts with bad info, so you really must check out any info yourself and not depend on the accuracy here.

[jessegirl]

LOL The label only has to do with the number of postings, not how knowledgeable you are. I see lots of posts with bad info, so you really must check out any info yourself and not depend on the accuracy here.

I agree - stop paying it now and save that money. Why waste the money on something you are going to give back.

[Sleepy]

I agree on verifying on your own. The NOLO book on ch.7 is a great resource but nothing seems to beat this forum for "real life" experience.
The money saved by not paying the mort before the file date must be accounted for as I seem to have read here. No problem, I can figure that out. But it's the cash saved after the file date that can be used for new residence, right?

[AfraidOfBK]

thats what i want to know......yes, we have to spend down the money weve saved by not making mortgage pmts prior to filing.

BUT - after filing, during the BK proces, we are still saving that mortgage money. If BK takes a good three months, that could be about 5k or more, for me. That would make a great deposit on a future rental. Will the courts try to take this money too?

AND - when will they force you out of the home? Could we technically live in the home after the dsicharge until the foreclosure proceedings are final? (IN MY CASE - foreclosure hasnt begun, only missed one month so far, and plan to file ch 7 in July)

Could we technically get away with not renting until months after BK closes? I do understand the sacrifice with this route though - you dont get to secure a rental before the BK hits your credit.

IS THIS WORTH IT?

[Sleepy]

What I DO know is that all the Trustee and courts are concerned about is the cash you have on hand and in the bank on the day of filing (bank statements of your acoounts etc. on filing day) as well as your past. What you earn and save after that exact date belongs to you and your future. Put that cash in the bank, under your pillow, whatever. They are basing your case on your day of filing and before. Your life, earnings etc. start anew after the filing date.

[Brighterdays]

Here in ohio you have at least 1 year. check out the following websites. A judge in columbus Oh threw out 17 foreclosures.

Here is a great site to help you buy time. http://consumerwarningnetwork.com/

Check out the "Produce the Note". it is a hidden little secret on giving you more months and even year to live free. http://www.consumerwarningnetwork.co...meowners-time/