Want to walk away - questions

[Scooter10]

[QUOTE=eyeowe;297630]So what do you do? what do you put on expenses if you aren't reaffirming do you still put the house payment because technically aren't paying any rent.[/QUOTE

How can you included the house if you are not paying it either, and have no intention of paying it. It not like you can say i'll make up the payments, but where would you get the money from. The chp 7 takes most assets. So in this case you would get the IRS deduction for houseing or your rent amount if it is within reason.

I would schedule some free consultations with lawyers in your area. Heres a mean test calculator so you can see how everthing effects you.

http://www.legalconsumer.com/bankruptcy/bankruptcy-means-test.php?ZIP=32828&ST=FL&CBSA=36740&FEDCT=FLM&CITY=Orlando&METRO=Orlando-Kissimmee#Part1

[bkfdrusa]

Well, My trustee did not ask me about any reaffirmations at all at 341 meeting. I do not want to reaffirm my mortgage and HELOC's. I would like to walk away a month after discharge. Hopefully my discharge date is Sep 7th 2009. I want to walk away on 30th Sep 2009. What should I do?. whento cancel insurance, mail the keys back to babnk etc..

[Scooter10]

Well, My trustee did not ask me about any reaffirmations at all at 341 meeting. I do not want to reaffirm my mortgage and HELOC's. I would like to walk away a month after discharge. Hopefully my discharge date is Sep 7th 2009. I want to walk away on 30th Sep 2009. What should I do?. whento cancel insurance, mail the keys back to babnk etc..

Whats the rush to leave??? The lender still has to go through the formal foreclosure process to get you to leave. I am 18 months with no payments now. You can cancel the insurance when the deed is moved out of your name, this goes for auto insurance also. Bottom line you are still liable for the house, even if you did not reaffirm, if it is in your name. HOA dues post filing are also your responsibily until the deed is out of your name. For mailing the keys back, some lenders offer cash for keys, but less and less common.

I would stay there as long as you can rent free, pay your insurance, hoa dues and put the rest of the money away. This is a great oppourtunity to build a cash reserve and get off to a great start after BK.

[bkfdrusa]

Whats the rush to leave??? The lender still has to go through the formal foreclosure process to get you to leave. I am 18 months with no payments now. You can cancel the insurance when the deed is moved out of your name, this goes for auto insurance also. Bottom line you are still liable for the house, even if you did not reaffirm, if it is in your name. HOA dues post filing are also your responsibily until the deed is out of your name. For mailing the keys back, some lenders offer cash for keys, but less and less common.

I would stay there as long as you can rent free, pay your insurance, hoa dues and put the rest of the money away. This is a great oppourtunity to build a cash reserve and get off to a great start after BK.

I know that I can stay here until they throw me out. But, I have to move asap because of family issues. I should have gone long ago. But because of the house and chapter 7 I am forced to stay.

[bellessima]

You will be foreclosed upon if your not making the payments. The discahrge just menas that you are not longer liable for that debt. DO NOT REAFFIRM ANYTHING!! If you Reaffirmed and stopped making your payments, the lender would foreclose and you would be responsible for the debt. Also with re-affirmations your are giving up the plus side of a bankruptcy. There is nothing more satisfying than nowing that if i lost my job and could not make the payments that the lender could foreclose, but can not sue me for the deficient judgement. most 1st mortgage lenders will not do re-affirmations, but watcvh out for your 2nd. They will push very aggressivly to get you to sign.

If I am understanding correctly you are in AZ I have a question. Who is this attorney as I need a good one.

Is it better to file Chapter 7 before or after forclosure.

[bellessima]

You will be foreclosed upon if your not making the payments. The discahrge just menas that you are not longer liable for that debt. DO NOT REAFFIRM ANYTHING!! If you Reaffirmed and stopped making your payments, the lender would foreclose and you would be responsible for the debt. Also with re-affirmations your are giving up the plus side of a bankruptcy. There is nothing more satisfying than nowing that if i lost my job and could not make the payments that the lender could foreclose, but can not sue me for the deficient judgement. most 1st mortgage lenders will not do re-affirmations, but watcvh out for your 2nd. They will push very aggressivly to get you to sign.

If I am understanding correctly you are in AZ I have a question. Who is this attorney as I need a good one.

Is it better to file Chapter 7 before or after forclosure.

[bellessima]

You will be foreclosed upon if your not making the payments. The discahrge just menas that you are not longer liable for that debt. DO NOT REAFFIRM ANYTHING!! If you Reaffirmed and stopped making your payments, the lender would foreclose and you would be responsible for the debt. Also with re-affirmations your are giving up the plus side of a bankruptcy. There is nothing more satisfying than nowing that if i lost my job and could not make the payments that the lender could foreclose, but can not sue me for the deficient judgement. most 1st mortgage lenders will not do re-affirmations, but watcvh out for your 2nd. They will push very aggressivly to get you to sign.

If I am understanding correctly you are in AZ I have a question. Who is this attorney as I need a good one.

Is it better to file Chapter 7 before or after forclosure.