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Should we stay or should we go...

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  • Should we stay or should we go...

    We converted our chapter 13 to chapter 7 in January of this year, discharged in April 2014 DID NOT reaffirm mortgage, our house is major underwater and payment of 2k a month, (husband works to pay house payment.... UGH) I know we are no longer lialble for the payment and our paying as we can. Wondering if anyone knows, once your chapter 7 is discharged and you stop paying can they like make you leave or do they have to go thru the whole foreclosure process still? I am discussing with husband to walk away (which is like pulling teeth)we could rent so much cheaper and have extra money every month!!! I want to totally stop making payment and save money for rent/deposit on something else. he thinks b/c of our discharge they wont go thru foreclosure process, He doesnt want to get "evicted" in the middle of winter...

    If it helps we live in MN.

  • #2
    They will have to go thru the foreclosure process......doesn't matter that you have included it in Chapter 7. Once you make the last payment, then it takes quite some time before you would actually have to move out. If you are in a judicial state, it takes longer than a non judicial one.
    If you decide to let the house go, you can apply for loan mods and drag it out for quite a while.


    • #3
      Many have lived in their homes for years after stopping payments. The house is yours until the bank forecloses. Stay there and save some money. If you have an HOA, you do need to keep paying the HOA fees.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


      • #4
        Originally posted by LadyInTheRed View Post
        Many have lived in their homes for years after stopping payments. The house is yours until the bank forecloses. Stay there and save some money. If you have an HOA, you do need to keep paying the HOA fees.

        What she said.
        All information contained in this post is for informational and amusement purposes only.
        Bankruptcy is a process, not an event.......


        • #5
          I probably wasn't the typical case........but I made my last payment in Aug 2009.......I just moved out in Aug 2014. And I could still have stayed for a few more months, but found a cheap rental and was afraid to lose it. Just played the game......applied for 4 loan mods along the way.


          • #6
            Saving the 2 grand a month for several months or possibly longer will build up that emergency fund real quick!!!! Our rental (in another state) took over 2 yrs to foreclose and our primary (same situation as you, did not reaffirm, discharged then a while down the road stopped paying), we banked the money.

            You will probably never get a chance like this again in your lives to save that much money. We had no issues or concerns about renting and truth be told it is half of our mortgage payment and we love it! No worries or issues, townhouse (private landlord/owner), lock it and leave it and enjoy life to the fullest! Do not cut yourself short or dismiss an opportunity to save that money. You will not regret it, this is a perfect example of why you should not reaffirm your mortgage, you never know!


            • #7
              Lady in Red: Many have lived in their homes for years after stopping payments. The house is yours until the bank forecloses. Stay there and save some money. If you have an HOA, you do need to keep paying the HOA fees
              Thanks to all of you

              Chapter 7 No Assets was cleared Dec 2010. Only Credit Cards involved. Reaffirmed Toyota Corolla, now paid off, but got "sucked" into Camry 2011 deal [long sad story] which is hitting me very hard.

              U could say that this new Camry is what has caused me to slip downhill. That and 2 payday loans to pay for a lawyer and a sick dog now deceased.

              So now I am considering applying for a senior apt in the Jersey shore and being 70 yrs old it would be a better living arrangement for me as it is becoming harder and harder to maintain the yard, and I only have one tiny dog left [had 3]. A friend has promised that he can help me get accepted.

              Did not reaffirm the mortgage, --at the time of bankruptcy appraisal and mtg due were a match, now I have accumulated maybe 10,000 to 15,000 equity as I have maintained mtg payments "mostly" current one month behind. About 5,000 cc debt and never a late payment there.

              Sorry for the long question is: What is HOA? If that is Hazard Insurance, then how would I pay if lender refuses to take me out of escrow. The lender could keep me in higher default if they pay my escrow, but they say I cannot cancel the escrow arrangement unless I have been current a full year. This would apply to tax bills as well.

              I think I need to do what MD and Drazil did and stay long enuff to accumulate an emergency moving fund.

              Thanks to all of you for sharing your experiences.

              Hope someone has a clue as to how I should proceed. I get that I have to apply for order to delay the process.
              Filed 13: 7-19-10 Cvt 7: 8-10-10 Amdts: 9-3-10 341 10-6-10
              Trustee NoAsset: 10-7-10 Last object: 12-5-10


              • #8

                HOA = Homeowners Association. I'm guessing you don't have one if the acronym is not familiar. It has nothing to do with the tax and insurance. If you want to maintain insurance after you stop making mortgage payments, you can pay the insurance company directly. If you don't, the lender will eventually insure itself. The lender might also pay the tax, but if they don't it becomes a lien against the property to be paid when the property is sold. The county might eventually foreclose. The buyer would purchase the property subject to the existing mortgage.

                Because you have equity, the bank is more likely to foreclose more quickly. But, you will still have at least a few months to save some money. My advice to you is to use that money to pay off the credit card debt and start to live within your means.
                LadyInTheRed is in the black!
                Filed Chap 13 April 2010. Discharged May 2015.
                $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


                • #9
                  @Lady in Red

                  Very good advice. Live within my means oy!

                  thanks so much Lady in Red. Yes I do have a HOA. That is not included in my escrow --so easy to keep paying.

                  As well, the lender needs me to send in my tax bill, but I can choose not to mail it in to them and pay that myself, and can call the insurance co to pay that myself also.....Hopefully,the lender won't automatically duplicate the payment., but that would be better than defaulting the IRS.

                  Things are breaking down in my home -- my electric heating is going...Need a plumber for a leaky kitchen sink. The electric heating bill is monstrous. Fingers crossed that the roof will holdout. Hoping my grandchildren will help me downsize all of my stuff, so that the move will be less painful. Thinking of selling my expensive bedroom set.

                  I am already one month behind on the mtg, and one month behind in my car payment and one month behind in soon as I miss the 2nd month mtg pmt by 10 days they will begin sending me notices, so I suppose that is when I should begin applying for loan modifications?

                  The house has become a money pit. Seems like I no longer have a choice. Have to give up my home. I would be happier with a simple rental, and they will accept one dog. One payday loan almost paid off, the other will go on until summer 2016.

                  But still even with cc cards and payday loan, I will be better off without all the homeowner costs. Especially if I can live rent free here for awhile.

                  Just need to apply for the senior apt in New Jersey. Hopefully, I can delay foreclosure until I am accepted there.

                  Even so, still hoping for a miracle that will help me keep my home.

                  Thanks for such a quick reply.

                  Another Acronym I don't get is IIB?

                  And does anyone know if Pennsylvania is judicial or non judicial?

                  Thanks again for sharing your knowledge, and I apologize for the hard luck story.


                  Filed 13: 7-19-10 Cvt 7: 8-10-10 Amdts: 9-3-10 341 10-6-10
                  Trustee NoAsset: 10-7-10 Last object: 12-5-10


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