Question Would you move into a $500 rental...and

[BradyFL]

Ok we need help:
BK discharged.
We have an oppurtunity to move into a beautiful house for $500 a month that a good friend plans to stop paying on and letting it go to foreclosure-THE PROCESS IS ESTIMATE TO TAKE 9-18 MONTHS

They are moving because husband got a job up north

We currently live in a house we rent for $1650..after getting it lowered from $1,800 a month (NO LIABILITY IN MOVING OUT EARLY BECAUSE IT WAS DISCHARGED IN BK 7..NO REAFFIRM..FRIENDLY LANDLORD

Same zip code, 4 miles up the road, beautiful 5 year old house, is smaller

WOULD YOU DO IT TO REBUILD FINANCES OR LIVE PAY TO PAY for the big house?????

[backtoschool]

I wouldn't hesitate to move.

[CindyLou]

Remember, with Rent...only the PAST is discharged, not the future. If you have a lease then the lease survived the BK and you could be responsible. Also, you should add up the costs associated with moving...boxes, mover, truck rental, utility transfers, etc...and be sure to multiply by 2 because you will have to move again. If all those costs are a lot less than $5000-$6000 then yes, make the move. But if the costs are close, then it may not be worth it.

[jribe]

your friend could get in a lot of trouble by accepting rent when they are planning to foreclose on the house and they are not paying on the house.

I hope that they understand this issue; if they are not aware of this - they need to consult an attorney.

It would have no real impact on you; just they could be in trouble. You could end up living there for free though if you have a rental agreement.

Ok we need help:
BK discharged.
We have an oppurtunity to move into a beautiful house for $500 a month that a good friend plans to stop paying on and letting it go to foreclosure-THE PROCESS IS ESTIMATE TO TAKE 9-18 MONTHS

They are moving because husband got a job up north

We currently live in a house we rent for $1650..after getting it lowered from $1,800 a month (NO LIABILITY IN MOVING OUT EARLY BECAUSE IT WAS DISCHARGED IN BK 7..NO REAFFIRM..FRIENDLY LANDLORD

Same zip code, 4 miles up the road, beautiful 5 year old house, is smaller

WOULD YOU DO IT TO REBUILD FINANCES OR LIVE PAY TO PAY for the big house?????

[want2save]

It depends on what state you live in. For example, CA used Deeds of Trust to secure the Promissory Notes. The Deed of Trust always contains an Assignment of Rents. What this means is the lender has the right to take any rental payments if the property is in foreclosure. Could be you will be paying your friend's lender, not your friend.