Posted on: 09th Sep, 2009 05:18 pm
Currently, My loan is under the water and I'm thinking about filing chapter 7.
I am already 3 months behind my mortgage.
how long can I stay in current house until being evicted?
I heard that it depends but generally 6 months to 1 year.
Thanks in advance~
I am already 3 months behind my mortgage.
how long can I stay in current house until being evicted?
I heard that it depends but generally 6 months to 1 year.
Thanks in advance~
hi ykim!
welcome to forums!
a lender can start the foreclosure procedure once you are 3 months behind on your mortgage payments. in my opinion, you should check out the option of deed in lieu of foreclosure before filing bankruptcy. a deed in lieu will help you in selling off the property. you will have to transfer the property to the lender. the lender will sell it off to recover the dues. the best part of this process is that you won't be responsible for the deficient amount. the lender will forgive it. also, depending upon your state laws, may be you won't have to pay the taxes on that forgiven amount.
feel free to ask if you've further queries.
sussane
welcome to forums!
a lender can start the foreclosure procedure once you are 3 months behind on your mortgage payments. in my opinion, you should check out the option of deed in lieu of foreclosure before filing bankruptcy. a deed in lieu will help you in selling off the property. you will have to transfer the property to the lender. the lender will sell it off to recover the dues. the best part of this process is that you won't be responsible for the deficient amount. the lender will forgive it. also, depending upon your state laws, may be you won't have to pay the taxes on that forgiven amount.
feel free to ask if you've further queries.
sussane