Can I walk away from a house...

[kikyou]

I did my chp 7 last year, but I wanted to keep my manufactured home because I thought it would sell. Fact is, I have been trying to sell it for 4 years. Obviously, I should have let it go last year, but I didn't have any money for moving (living paycheck to paycheck) and no where else to stay. I have enough to move now, but can I still give the house back to the bank a year after a chp 7? I didn't sign the re-affirmation papers and the judge ruled that none were signed so it is a court document. I am tired of commuting (4 hours) and not getting any sleep (5 hrs a night) and gas prices are going to put me in trouble again if they keep raising.

Has anyone else here done this? Did you have trouble getting approved for apartments afterwards?

[SinkingFast]

If you truely didn't sign the reaffirmation papers, you are free to walk.

I would confirm that with your attny before you proceed down that path just to be sure.

Also, check out the Foreclosure Laws/process for your State. You may have a while to live there rent free. That way you can save up security deposit and some rent money to help in finding a place to live.

[aa06a47]

If you have equity in the house that you exempted in the chapter 7, there is still a little possiblity you'll have to give that up. My papers specifically stated whether I intended to giving the property back, or keep it. Make sure your papers don't have a similiar statement if you plan on giving it back.

Kinda stickey here, the fire sale price they will sell this property, might end up coming back on you, especially since it has been a year.


You may need to see a lawyer.

[SinkingFast]

If you have equity in the house that you exempted in the chapter 7, there is still a little possiblity you'll have to give that up. My papers specifically stated whether I intended to giving the property back, or keep it. Make sure your papers don't have a similiar statement if you plan on giving it back.

Kinda stickey here, the fire sale price they will sell this property, might end up coming back on you, especially since it has been a year.


You may need to see a lawyer.

Old Law filer there Aa. BK'd last year. Their reaffirm stuff was different than ours is.

[SinkingFast]

I did my chp 7 last year, but I wanted to keep my manufactured home because I thought it would sell. Fact is, I have been trying to sell it for 4 years. Obviously, I should have let it go last year, but I didn't have any money for moving (living paycheck to paycheck) and no where else to stay. I have enough to move now, but can I still give the house back to the bank a year after a chp 7? I didn't sign the re-affirmation papers and the judge ruled that none were signed so it is a court document. I am tired of commuting (4 hours) and not getting any sleep (5 hrs a night) and gas prices are going to put me in trouble again if they keep raising.

Has anyone else here done this? Did you have trouble getting approved for apartments afterwards?

Line up your apt before you let the house go back. That way you don't wind up on the street.

[Roadrunner]

Perhaps both options (signing a lease now, and waiting a couple of months to move) are possible to do together. Find out the foreclosure process-it won't show as a foreclosure immediately. Stop making payments and apply for an apartment BEFORE the proverbial S**T hits the fan.

[kikyou]

Thanks for the great advice. My state (WA) allows for non-judicial so I guess that means it's possible the mortgage company won't come after me... I still need to find a lawyer to talk to. Could be a problem because I work so far away from where I live. You know, it's hard to find anything on forclosure on the web - it is all about buying forclosed houses or how to prevent forclosure. Not much for us who have to foreclose. At least it sounds like I can do this right away. I'd like to be in an apt close to work before summer gas prices come (I'm already paying $300/month in gas and that is with a mid-size car) or I'm going to be in trouble.

Anyway, has anyone ever had to pay a dificiency between sale price and mortgage value? Because I have a manufactured home there is no equity.

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Can I rant for a second? You can ignore this section if you want.
I just want to unload about real estate firms who charge full price for their services, but have company policies that limit advertising when a manufactured home is involved. Basically, I have been trying for years to sell my house but the real estate agents do little to nothing to advertise. I have used 2 different companies. Both had open houses, but no one came because it is not their policy to advertise open houses for manufactured homes because the value is too small. And if the house did sell - even with the decreased service - I was still expected to pay the full commission and closing costs. It is also difficult for house searchers to be shown low value homes. I know one woman (single, one child) who had to do the research for the realtor, then insist (to the point of obstinance) that she be shown those houses. Then the realtor would spend the whole time trying to sell her something she couldn't afford. I also got no advice whatsoever about how to make my house more presentable. No feedback from "showings".

[kikyou]

So if they can't come after you for deficiency, why would there be any legal fees?

[debtisbad]

Aren't the legal fees dismissed in the bk. That is what I thought.

[Minnymouth]

Depending on where you live determines how agressive realtors are about manufactured homes........
Many areas - that is the main homes of the area......
Since that is the case, realtors do get agressive in selling them....
Yes, a realtors will go for the big homes - commission involved there.... they don't care how hard it is for you to pay for it.........as long as they get their commission....