I am filing Ch. 7 bankruptcy. I have lived in the house 3 1/2 yrs and still owe 84,000; purchased for 93,000. Mortgage has always been on time and in full. Several houses on my street are SELLING for $20,000. I owe 4X as much on my house as what the others are selling for. It is not worth it to me to keep the house. When I file I want to have a fresh start. How much time do I have to stay in the house after I file and can look for another place to live?
Divorce / Separation Lawyer
These are questions you need to discuss with your lawyer.
Often you can walk from a house in Chapter 7, but you need an attorney to discuss what happens if you surrender and the bank decides not to take it back (such as the local government citing you when the grass isn't being cut). Get counsel ASAP. Feel free to call me for a discussion of details.
If you're eligible, Chapter 7 may be a good option but you need to know all the details.
The answer depends on the mortgage company. I usually say you have about 3 - 4 months before the mortgage company willl try to foreclose after you file chapter 7 but it could be longer. You would receive a motion for relief in the case and then once that is granted you will receive a foreclosure notice. You should get an attorney to help you file banruptcy
Under Georgia Law, the mortgage company must advertise your house in the legal organ of your county for four consecutive weeks before the foreclosure date. In Georgia, foreclosures are generally conducted on the first Tuesday of each month. As a general rule, the mortgage company will mail you a certified letter about five weeks before the foreclosure date. You should definitely discuss these issues with your attorney.