Home Is Where The Heart Is

By A. Zych

So most of my readers know that we our downsizing and walking away from our house. The reality has kicked in we had our meeting with our trustees the most grueling four minutes of my life. With this step in the process of bankruptcy over we are less than a month and half away from discharge.

The bankruptcy soon to be in our rear view mirror the next step for us is the impending foreclosure. To explain further upon our filing we were already in a foreclosure but this process of filing held  up the sheriff sale. (For our benefit!) According to our lawyer we will be looking at a date of January or February for the sheriff sale and another 6 months of redemption period putting our moving date out to June or July 2013.

With the big move on our horizon we must start to think about our plans in a more concrete way! I am always looking into other options besides moving into a friend’s basement. The idea of giving up our privacy is an idea I struggle with but know it is a consequence of our decision and mistakes we have made that has gotten us to this point.

In the past several weeks I have searched want ads of the local papers and online classifies for homes, land, apartments and mobile homes to either lease, contract for deed or rent-to-own. The problem with this are all the costs involved such as the deposit, pet fees, possible utilities and in some cases money down ranging from $3,000 to $5,000 to get started. Because of the rent being closed to our past mortgage payment of $1,400 a month, this option is less likely.

With a clear mind because we do not want to make the same mistakes of our past and not hinder our ultimate goal of owning property, with little to no mortgage. Therefore we will stay on the path of renting the basement at our friend’s house even though we may have to give up some of our privacy but as I have said in the past is well worth it! A house is just a dwelling but a ‘Home is Where Your Heart Is’!


4 thoughts on “Home Is Where The Heart Is

  1. Our only debt is attached to our mortgage, so we decided to foreclose rather than go bankrupt, but now we’re thinking that we should have gone the bankruptcy route instead. Foreclosing is a complicated and very frustrating process. We haven’t paid our mortgage since March 2011 and it isn’t even close to being over yet!! Ugh. I do hope your transition is easier! And you are so right, a house is just a house.

      • We thought about that too, because we also have a second mortgage. But the lady we talked to at the courthouse told us that shouldn’t be a problem in our state because we still have a low income. But maybe it is different in your state?

  2. I know in some states it varies so I am sure you are okay. Our lawyer just confirmed today that everything will be taken care because of the Chapter 7. He confirmed that in most cases the bank who holds the second mortagage usually do not try to collect what is owed but sometimes they will 1099 you. So that is why we filed so that we can at tax time we can be protected. There is a form that you can file to give you an exemption am not sure what your laws are in your state but if the lady at the court house told you it was okay then I am sure all is well on your end. Thanks for your replies, Allie.

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