Sometimes, no matter how hard you try, that mortgage you have is unaffordable or you just don’t want it. What should you do when you are going to surrender your house in bankruptcy?

First off, until the title is transferred out of your name, you are still the owner and you have the right to continue living there. Considering how long some foreclosures are taking, you could get many months of free rent, so you might as well take advantage of it. As long as you are living there, you need to pay any association or maintenance fees.

Next, stop paying the mortgage. If you are going to surrender the property and have or will be filing bankruptcy, you should stop paying the mortgage and save that money for moving costs. Any deficiency on the mortgage has been or will be discharged in your bankruptcy.

Lastly, when it is time to move, you can take with your anything not permanently affixed to the house. So appliances and furniture are fair game but not things installed like sinks or ceiling fans.