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How long can I live in current house after filing chapter 7?

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Icon Mini Profile lakeshow0705





Joined: 22 Feb 2010

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1.28 Dollars($)
Post Posted: Mon Feb 22, 2010 2:44 pm    Post subject: How long can I live in current house after filing chapter 7?
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I'm thinking about file a chapter 7 and I have NOT been making mortgage payment for last 6 months so far.
If I file a chapter 7 today, how long can I live in current house after chapter 7 completed?

Thank you.
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10443
Location: Nevada
984.98 Dollars($)
Post Posted: Mon Feb 22, 2010 8:05 pm    Post subject:
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Hi lakeshow,

You will be able to save your property though you file Chapter 7. You will have to sign a debt reaffirmation agreement with your lender and keep on paying the mortgage dues. Signing the agreement will make you liable for the dues.

However, if you do not intend to save the property, then you will have to surrender the property to the lender. The lender will foreclose it to recover his dues. After you surrender the property, you will have to leave it.

Thanks
dida

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Post Posted: Tue Feb 22, 2011 11:39 pm    Post subject: foreclosure
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I am filing chapter seven and am giving up my home. I would like to know how long I have to stay in my home. I live in calhoun county, south carolina
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