Posted on: 13th Oct, 2010 10:08 am
my husband and and i live in ca and bought a manufactured home in 2002 for $75,000. we still owe $51,000. it is now worth about $10,000. our mortgage payment is $550 and the space rent in the park is $733. because of my husbands job we have to move. my husband decided his only option was to file chapter 7 bankruptcy. he has been current until now on the mortgage payments. however, he is about to miss the first payment. should we notify our lender what is going on or just let them receive the bankruptcy filing notice? also, how long will we have in the home before we have to get out? will we have at least 3 months to find somewhere else to live?
If your husband has decided about filing bankruptcy, then you don't have to inform the lender about it. The lender will receive the Bankruptcy Filing Notice. Once you surrender the property to the lender after your bankruptcy discharge, you'll have to leave the property immediately. I don't think you'll get 3 months time.