Best Answer: It depends what the laws are where you reside and how aggressive the note holder is at pursuing the foreclosure; it could be as little as 30 days but not likely to be more than 6.
Your question is whether you should stop paying the second, since they can’t touch you after the bankruptcy. When I talk to my clients, I start with the idea that not paying is the best idea. But that depends on how long you plan to stay in the area, whether you think values are going up or down, how old the kids are.
Whereas mortgage companies once had little trouble wrapping up foreclosure proceedings in just a few weeks, the process takes far longer today. Depending upon where you live, you may be able to remain in your home for six months or more after your chapter 7 bankruptcy has been finalized.
Many people do not realize you can legally stop paying credit cards. There is no longer a debtor’s prison to punish those who refuse to pay debts. If you honestly incurred the debt without breaking any laws, you can stop paying it at any time.
Depending on how long you stay in your place, taxes on the money you make off the sale will also vary. "You will not be subject to capital gains taxes as long as you keep your home for a minimum of.
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How long you can remain in your home without paying the mortgage depends on the lender and the laws in the state in which you reside. Eviction can take place in as little as a few months or as long as a year.
· Understand how forbearance can benefit you. Forbearance provides a temporary suspension or reduction of your mortgage payments. For this reason, it may help you stay in your home until your financial situation improves. forbearance can be a useful way to get out of a financial hole caused by illness, divorce, or the loss of a job.
But a life-long mortgage payment, for all but the affluent, is a big strain on retirement finances. If you plan to stay in your current home after you retire, paying off the mortgage sooner would be.