Just sitting here waiting for the bank to foreclose.

[technoreid1]

Just sitting here waiting for the bank to foreclose. (they have not filed a notice of default yet) Been 5 months now and it's becoming a living nightmare living in this house. Just knowing that we will lose it! What I mean by this is that the inevitable is going to happen: foreclosure.....

It is mentally killing us just waiting here....We want to move on (rent a house) NOW!

On the other hand we could have 4-5 more months here mortgage free and save more money....which does make sense too...

Just wondering what others did? Did you stay to the end to save money, or did you just feel you had to get on with your life and move?

Thanks, techno

[SinkingFast]

The months before and during BK can feel like you're living your life in a holding pattern anyway. Any little thing that give you some semblance of life moving forward does help with the emotional side.

Sitting there waiting,............ What are you saving for??!!

I understand needing 1st month's rent and Security Deposit, plus costs for when you do move.

Possibly you need to purchase a car?? One with a value you can cover with your vehicle Exemption

Some States' and the Federal Exemptions allow Filers to apply unused Homestead Exemptions to any property. Up to a certain $$$ amount. And there are WildCard Exemptions.

Will you be able to cover the cash on hand with some sort of Exemption??

When ever you reach whatever point,.............. Car, move money, savings limit, whatever,........ Then go on and move. You need to feel like your life is moving forward.

[technoreid1]

you are right. we are in a holding pattern!
well - my wife wants to move on and find a rental home, and I do agree.... (but it would be nice to save a little more money)

"Possibly you need to purchase a car?? One with a value you can cover with your vehicle Exemption"
Our car is brand new - (another financial mistake we made in jan when our credit was ok) - we owe something like 22 some thousand on a 30k vehicle that would sell for 22-24k!......
about $500 a month car payment.... no equity in the car....

"Will you be able to cover the cash on hand with some sort of Exemption??"

yes - talked to our lawyers paralegal and she said our exemptions would cover our cash on hand. BUT the problem is our income is too high for a CH7 - So she said for my wife to cut some shifts over the next 2 months before we file which would mean a lot less $ and we might not be able to afford to live....(very ironic) We wanted to file ASAP but She said we would be better with a BK7 rather than a 13. But it's a catch 22 because we are being sued by CHASE CC for about 9k so we are a little confused right now as to what to do? The paralegal said we might want to rent right now before we go bankrupt.....

I think the best thing emotionally would be to find a rental home ASAP then think go bankrupt shortly after (thats if our lawsuit does not catch up to us) --- This way we could take our time moving to our new home rental (as we have not yet recieved a NOD and it's going on almost 5 months already!!!)

techno

The months before and during BK can feel like you're living your life in a holding pattern anyway. Any little thing that give you some semblance of life moving forward does help with the emotional side.

Sitting there waiting,............ What are you saving for??!!

I understand needing 1st month's rent and Security Deposit, plus costs for when you do move.

Possibly you need to purchase a car?? One with a value you can cover with your vehicle Exemption

Some States' and the Federal Exemptions allow Filers to apply unused Homestead Exemptions to any property. Up to a certain $$$ amount. And there are WildCard Exemptions.

Will you be able to cover the cash on hand with some sort of Exemption??

When ever you reach whatever point,.............. Car, move money, savings limit, whatever,........ Then go on and move. You need to feel like your life is moving forward.

[Rover]

If you live in a state that requires the lender to go to court to foreclose, you could extend your stay in your house much longer than 5 months -- particularly, if the lender has not even given you a notice of default.

Stay in the house and save your money. When you are served with a foreclosure summons, file a motion to dismiss within the required period in your state. That will buy you more time.

And by all means relax and enjoy your rent free living while it lasts.

[Westlane]

If you live in a state that requires the lender to go to court to foreclose, you could extend your stay in your house much longer than 5 months -- particularly, if the lender has not even given you a notice of default.

Stay in the house and save your money. When you are served with a foreclosure summons, file a motion to dismiss within the required period in your state. That will buy you more time.

And by all means relax and enjoy your rent free living while it lasts.

On what grounds for filing a motion to dismiss given the debt is presumed valid? And ive never seen anyone file a motion without first answering the summons.

[Rover]

On what grounds for filing a motion to dismiss given the debt is presumed valid? And ive never seen anyone file a motion without first answering the summons.

Filing motions before filing an answer happens all the time. It's the number one way that one can stretch a lawsuit out for many months, if not years.

Whether a debt is presumed valid has nothing to do with one's ability to file motions to dismiss, to strike, for a more definite statement, etc.

In the case of a Motion to Dismiss, one can simply state that the plaintiff has failed to include a contract of indebtedness with the complaint -- that in fact is usually the case. One can state that the plaintiff has failed to follow the provisions of creditor-debtor law. Whether one will win on the motions isn't really the main factor. Delaying the suit is the goal.

I wrote a lengthy post about this around a year or so ago. Search on my name to see if you can find it. It explains much more.

BTW, I had a case dismissed because I filed a Motion to Dismiss that pointed out that the complaint had no debt contract attached to it.

If you're interested in filing pre-answer motions yourself, get Nolo's How To Represent Yourself In Court.

[Westlane]

Rover, thanks for the post. I will PM you on this.

[dumbdumb]

my thoughts on holding pattern..

I look at it this way... this is the only chance i will ever have to live rent free or mortgage free.

I have recieved notice of default but still living in my house because in Nevada they cannot sell or auction the home for 90 days after notice of default.

so i will pack everything up and get everything ready to move but i am saving like $1000 a month or more by not paying rent so why be in a hurry to move?

[nazstar]

my thoughts on holding pattern..

I look at it this way... this is the only chance i will ever have to live rent free or mortgage free.

I have recieved notice of default but still living in my house because in Nevada they cannot sell or auction the home for 90 days after notice of default.

so i will pack everything up and get everything ready to move but i am saving like $1000 a month or more by not paying rent so why be in a hurry to move?

Quick question. I see in your signature there was suspicion of abuse. What brought that about and how was it resolved?

[nazstar]

BUT the problem is our income is too high for a CH7 - So she said for my wife to cut some shifts over the next 2 months before we file which would mean a lot less $ and we might not be able to afford to live....(very ironic) We wanted to file ASAP but She said we would be better with a BK7 rather than a 13. But it's a catch 22 because we are being sued by CHASE CC for about 9k so we are a little confused right now as to what to do? The paralegal said we might want to rent right now before we go bankrupt.....

I think the best thing emotionally would be to find a rental home ASAP then think go bankrupt shortly after (thats if our lawsuit does not catch up to us) --- This way we could take our time moving to our new home rental (as we have not yet recieved a NOD and it's going on almost 5 months already!!!)

techno

I think we might have spoken on this in another thread. We also made too much for Chapter 7. But, with an infant and another on the way, I decided I would quit my job and be a stay at home mom. This brought us down to 1 income but after running the numbers, we are probably budgeted the same amount for living expenses as we would have been in a Chapter 13 WITHOUT dragging out 5 years of payments, scraping by each month for ad-hoc childcare, and putting the strain on our marriage. We moved out of our home this past weekend into a rental while our credit was still reasonably good - actually they didn't even check since we had a personal referral. I am pregnant and due in early June. Our lawyer said we could possible stay in the house until may/June before foreclosure started, but I needed to know my daughter and new baby will have a secure roof over their head - so I forfeited the savings in mortgage payments for peace of mind.

[dumbdumb]

Quick question. I see in your signature there was suspicion of abuse. What brought that about and how was it resolved?

my income was too high for chapter 7 (by around $10000).. i showed actual expenses which proved i had no left over income. Transportation 50 miles a day to and from work... rent.. medical ...ect...

[technoreid1]

So did you rent a place before you filed your BK?

We are now in the (slow) process of moving - we will file later on....(if our lawsuit from Chase CC doesnt catch up to us.)


I think the peace of mind is very important.... well, it was at least for my wife... We now are finally moving and it feels bad losing our house and going from an owner to a renter.... very strange to be renting now after owning for a few years......

I guess I just have to change the way I think.....from an owner to a renter... cant really get my head around it just yet....



but it does feel good to start moving -but at the same time it's
rough.....


techno

I think we might have spoken on this in another thread. We also made too much for Chapter 7. But, with an infant and another on the way, I decided I would quit my job and be a stay at home mom. This brought us down to 1 income but after running the numbers, we are probably budgeted the same amount for living expenses as we would have been in a Chapter 13 WITHOUT dragging out 5 years of payments, scraping by each month for ad-hoc childcare, and putting the strain on our marriage. We moved out of our home this past weekend into a rental while our credit was still reasonably good - actually they didn't even check since we had a personal referral. I am pregnant and due in early June. Our lawyer said we could possible stay in the house until may/June before foreclosure started, but I needed to know my daughter and new baby will have a secure roof over their head - so I forfeited the savings in mortgage payments for peace of mind.

[nazstar]

Yep! I'm sitting in my new rented townhouse now. It did feel good - like we were moving on a bit. Plus, we can get settled and this place is a lot nicer than the money pit we used to live in. That place was really starting to depress me BEFORE our money troubles and now, it was just unbearable to live in a house that was the source of so much trouble in my life!

[technoreid1]

Sounds good! Did you file your BK yet?

thanks, techno

Yep! I'm sitting in my new rented townhouse now. It did feel good - like we were moving on a bit. Plus, we can get settled and this place is a lot nicer than the money pit we used to live in. That place was really starting to depress me BEFORE our money troubles and now, it was just unbearable to live in a house that was the source of so much trouble in my life!

[nazstar]

Not yet. I am quitting my job on March 1st to be a stay-at-home mom. I have a 7 month old and another one due in June. I have to wait until mid February to collect a fairly large bonus and then we will be a one income family. The lawyer said to just wait until August to file since we will then qualify for Chapter 7. We stopped paying all our cc last month so I think we will have at least that long until we have any real problems with the cc companies. It's not like we haven't been paying for months already and are risking a judgement.