Originally Posted by
ndrury
my husband and i have decided to surrender the deed to our house due to hes out of work at the moment. we have a infant in the home as well as a 11 yr old boy. is there any law that will give us some time to find another place. we have a large home so t here is much to pack.
How far behind are you in the payments? Maybe all you need is a little time to recover. Yes, putting the house up for sale is the best answer. Hopefully you will be able to sell and downsize. But here is another direction. It is best told in a true story: I live in an extremely nice development of custom built homes. A family built a beautiful home about five doors down from me. He financed the house and never made a payment. He filed bankruptcy which made him "a protected class". This kept the bank from foreclosing on the property. There is a criteria a person has to follow to file and complete the bankruptcy. The home owner and his attorney moved as slowly as they could. Eventually the bankruptcy court
dismissed the bankruptcy because the homeowner did not meet the criteria. It took the bank several months to figure out that the bankruptcy was dismissed (not discharged, don't confuse the two). They again attempted to foreclose on the house. The homeowner again filed for bankruptcy. This went on for 2 years! If you filed either a Chapter 7 or Chapter 13 bankruptcy you could bide enough time to get back on your feet or sell the property. There is only one word that a bank or mortgage company thinks is worse than bankruptcy and that word is foreclosure. Thoughts?
