Foreclosures Help Information

Mortgage Foreclosures Minnesota

Question: How long can we stay in our home after filing it in with our bankruptcy?

How long can we stay in our home after filing it in with our chapter 7 bankruptcy ? we have not decided jet but, do we have to include our house in our banckrupcy ? we dont think we can afford the payments.
Ok, I am having a hard time finding the answer I'm looking for, hope someone can help. We live in Minnesota
My hubby and I do not want to foreclose on our home, nor do we want to do a short sale, as I hear a short sale is every bit as bad if not worse than bankruptcy. We have a second mortgage as well. If we file bankruptcy and put the house in with that, approx how long will we be able to stay in the home before we get kicked out, and how do they do it? I don't want them to come and slap a yellow sticker on the window like they would in a foreclosure and make it obvious to the neighborhood that we defaulted on our mortgage. Does anyone know how long we will be able to stay, and what will happen to the house when we are forced to leave?

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Answer: Check with your bankruptcy attorney. If you aren't or can't resume payments on it I suggest to leave as quick as possible, allowing the house to be put on the market sooner and hopefully sell sooner. Each day that goes by adds more interest to the loans you have on it & increases the money you won't or can't pay.

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