We've decided to walk. A Few ?'s

[we're_still_reviewing]

Since we won't be making our Mtge payment we will have a surplus each month. Should we hide that ? I was thinking of paying down our cc debt but since we will be filing chapter 7 I guess that would be dumb. It's hard for us to ethically wrap our head around not paying. It's a struggle but we're coming around to the fact that this is how it has to go.

Someone suggested putting the cash in a fireproof safe. Could they go after that money ? Or should be just move it over into a savings acct. We have one savings acct that has about $800 in it.

Also, we have stopped using our cc's but we are using our debit card. Yesterday, we went to the mall to get my daughter pants and we got a bite to eat at Chili's. Will they look at the fact that we are using our money for frivolous (sp) things ? They've got my nerves so wrecked over this that I am beginning to lose my mind by over thinking everything.

Thank you in advance for your replies and this website is an absolute God send.

[booggs28]

wsr: I am so sorry for what you are and will be going thru: First: is your bank account with the same bank that holds your mortgage? Did you ever have them automatically pay mortgage from this account? if no to both of these questions and you are happy with your bank don't worry about moving it - if you still stressing over it, consider closing the account and moving your money to a local bank -

you would do good to contact your tax advisor to see what your tax liabilities may be after the foreclosure. Do you just have one loan or is there a 2nd as well? Since you are walking then the 2nd lien holder if any will be wanting their share as well - you can negotiate to settle this debt in the future if there is one -

you are not the only person that has decided that this is a financial decision that you have made - once you have resolved to what you are doing take all of your extra money and hold on to as much as you can. Taking your daugther shopping and then a bit to eat at Chilli's is far from frivolous and to be honest, it's none of the bank's business what you are doing with your money -

Sit down and make a game plan of what you will do as this process goes - check your local laws on the time frame of a foreclosure as they vary state to state - that way you will have an idea of what is going to happen - keep posting here and ask what ever questions as there are many here that are more than happy to chime in as needed.

Take some time to relax and get a game plan in order once you've done that you will feel a bit better as the process goes forward.

best regards

[we're_still_reviewing]

Originally Posted by booggs28

wsr: I am so sorry for what you are and will be going thru: First: is your bank account with the same bank that holds your mortgage? Did you ever have them automatically pay mortgage from this account? if no to both of these questions and you are happy with your bank don't worry about moving it - if you still stressing over it, consider closing the account and moving your money to a local bank -

you would do good to contact your tax advisor to see what your tax liabilities may be after the foreclosure. Do you just have one loan or is there a 2nd as well? Since you are walking then the 2nd lien holder if any will be wanting their share as well - you can negotiate to settle this debt in the future if there is one -

you are not the only person that has decided that this is a financial decision that you have made - once you have resolved to what you are doing take all of your extra money and hold on to as much as you can. Taking your daugther shopping and then a bit to eat at Chilli's is far from frivolous and to be honest, it's none of the bank's business what you are doing with your money -

Sit down and make a game plan of what you will do as this process goes - check your local laws on the time frame of a foreclosure as they vary state to state - that way you will have an idea of what is going to happen - keep posting here and ask what ever questions as there are many here that are more than happy to chime in as needed.

Take some time to relax and get a game plan in order once you've done that you will feel a bit better as the process goes forward.

best regards

This is our one and only loan on this property and we never refinanced it. Our checking acct is not with WF it's with BofA. We don't have it set up that they take automatic payments but we pay online via there website using our checking acct.

I will move over any surplus into our ING savings acct. Hopefully, it'll be safe there.

Thank you so much for your response. This is a wonderful community of homeowners trying to help others who are in the same awful mess.