NJ Foreclosure strategy needed>>> Please help from father of 2 litte ones!

[trader19]

Guys... can really use some help.

Some background:
-Looking to declare chapter 7 in Sept. due to high credit card costs. Actually, between Sept and Dec because both my wife and I are teachers and want to include the no income from July/Aug in our 6 month look back.
-Haven't paid mortgage since March 2012. Small bank (Hudson City) that I have heard moves a little more speedy. Amount due, $495,000 is about what house is worth.
-Really just looking to drag this thing out as long as possible.
-Just received a "Notice of Motion for Entry of Judgement" + some mediation forms.
-I doubt mediation will get us down to a low enough payment but may explore it

Questions:

1. How long do you guys think I have left from this point and what can I do to stall this thing?
2. Do I need a lawyer or can I save money and work on this myself?
3. Since, I am not really looking to stay, at some strategic point, can I request a "Cash for Keys" offer. How much do banks usually offer?
4. Any other advice would really be appreciated.

Thanks in advance!

[tobee43]

trader..i know hudson it's really not tiny but you know they still have to follow the judicial guidelines and go through the court system to foreclose.

in nj in the good old days it took at least 18-24 months....although we vacated and we are or where in one of the northern counties of nj, it's be well over 5 years and they still haven't closed down.

what we did after we made the decision not to stay was only stayed long enough to be able to get enough money saved for the move....LOL!! guess we could have stayed 5 years!!!!!

many use the hampster wheel theory and just keep on spinning that wheel until the time they are thrown off or out. one can get served in nj and go to court and fight the foreclosure and extend the time, i know someone that did that for a few years! she finally did leave, but seriously it had to be at least 4 years from the time she was first served.

1. How long do you guys think I have left from this point and what can I do to stall this thing?

i think at least 24 months min

2. Do I need a lawyer or can I save money and work on this myself?

if you mean the bk, that's a person decision, personally for me, even being in the legal business, i hired an atty, but that's me. we have and some very successful pro'se'ers on this forum.

3. Since, I am not really looking to stay, at some strategic point, can I request a "Cash for Keys" offer. How much do banks usually offer?

i would stay and not pay as long as possible. some banks offer cash for keys others do not...however, if you stay for the next 24 months and bank that all for your move, you'll be way ahead...right?

4. Any other advice would really be appreciated.

remember, nj is a creditor friendly state. if we would have stayed and filed there, we would have gone federal, as that is an option in nj. we left the state and the house we lived in for over 30 years. my only other advise is save save SAVE if you stay. try and not get stressed out, even though this is such a stressful situation. i'm sure you'll do fine...just keep posting your questions, there are many excellent forum members happy to help!