Point taken

[StihlBilly]

Point taken

[DaveInAZ]

With all due respect, you sure seem to be all over the place on this. Just the other day you started a thread excited that your "dream house" came on the market and asked about possibly renting out your current house and getting a USDA loan for the new one. Now you're posing a hypothetical scenario about gaming the system by stop paying your mortgage, live "rent free for 2 years, and redirecting the $$$ you'd pay for the mortgage payment into savings for a down payment. These forums are not the appropriate place for asking for advice on propositions like that.

First of all, you can't count on 2 years "rent free" until they foreclose - it depends on your state. My state, Arizona, like several others is a "non-judicial" foreclosure state. That means they don't have to go through the courts to get a foreclosure order, once you're 30 days late they can advise you of Intent to Foreclose, post the appropriate legal notices, and sell of the property at foreclosure auction within 6 months.

Bankruptcy is intended as a fresh start. Play by the rules and do the right thing. In your other thread you said you've been paying on your mortgage for 7 years - can't you sell it and recoup some equity, rent a cheaper place, and build up your savings that way?

[Shogun]

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@DaveInAZ wrote:

With all due respect, you sure seem to be all over the place on this. Just the other day you started a thread excited that your "dream house" came on the market and asked about possibly renting out your current house and getting a USDA loan for the new one. Now you're posing a hypothetical scenario about gaming the system by stop paying your mortgage, live "rent free for 2 years, and redirecting the $$$ you'd pay for the mortgage payment into savings for a down payment. These forums are not the appropriate place for asking for advice on propositions like that.

First of all, you can't count on 2 years "rent free" until they foreclose - it depends on your state. My state, Arizona, like several others is a "non-judicial" foreclosure state. That means they don't have to go through the courts to get a foreclosure order, once you're 30 days late they can advise you of Intent to Foreclose, post the appropriate legal notices, and sell of the property at foreclosure auction within 6 months.

Bankruptcy is intended as a fresh start. Play by the rules and do the right thing. In your other thread you said you've been paying on your mortgage for 7 years - can't you sell it and recoup some equity, rent a cheaper place, and build up your savings that way?

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Well, for at least 7 years you will probably not be able to get a loan, with that blemish on your CR it would be hard to do.  For one, I feel this is inappropriate, trying to get something for nothing.  2 years free rent, it's not free, there's always a catch to it.