IF I stop paying, how long do I have???

[julsmom]

I'm in a tight spot, we are currently working toward a ch13, have retained & are working on getting appraisals in on our property to strip the lien. I want to stop paying the 2nd since it is underwater & just in case...we end up losing this house, I will have some funds socked away which I will need to move.
Now to the sticky part...dh & I are having continued troubles & I fear will be separarting in the maybe not so distant future...so if I stop paying both the mortgages & just surrender the house, how long in theory will I have?

[shark66]

That will depend on where you are (judicial or non-judicial foreclosure state tend to make quite a bit of difference), the bank that holds your first mortgage and a few other things...

My semi-educated guess is that if you miss the payment for this month (May) you can likely stay in the house at least until October, but it might be longer than that. You can make it longer if you're willing to fight for extending your stay, no doubt about that.

Good luck.

[jlmaca]

I'm in a tight spot, we are currently working toward a ch13, have retained & are working on getting appraisals in on our property to strip the lien. I want to stop paying the 2nd since it is underwater & just in case...we end up losing this house, I will have some funds socked away which I will need to move.
Now to the sticky part...dh & I are having continued troubles & I fear will be separarting in the maybe not so distant future...so if I stop paying both the mortgages & just surrender the house, how long in theory will I have?

Depends upon what state you live in. Some states move pretty quickly whereas others can take years.

[UpsideDown]

Our BK case closed in June '09, we stopped paying then and they still haven't taken the house. We moved out in October, thinking it could be anytime, but we could still be living there.

[sharksfan]

We stopped paying in 2/2008... Nothing has happened yet... NYS if it matters.