341 Meeting - Not a good day to say the least

[madzkenz]

Today was suppose to be the day but my lawyer realized minutes before the meeting that my wifes name is on the home equity line that we planned on stripping. My wifes is financially not obligated on the loan paperwork but her name appears as a GRANTOR on the closing documents. I had to voluntarily dismiss my case and now my wife has to file with me jointly in order to strip the 55K home equity.

My lawyer thinks I am crazy for keeping my house even with the home equity strip. He has suggested that I rent a house , this makes me nervous with 3 young children. Maybe this was a sign that I should consider brooming my house as well.

Has anyone else tried to strip a home equity and found there spouse as a " Grantor" on the paperwork. There has to be a way around this.
My wife and I are completely lost for words this evening.

[rrockinggramma]

so your attorney is stating that he feels even with the loan strip you will not be able to meet your housing obligations?

If you gave up your house would you and your wife qualify for a chapter 7?

Of course deciding what to do is a personal decision (try to make it as a business decision) but perhaps this would boost your confidence some.

I filed a chapter 13 in 2005. I gave up my house in 2002. Moved from apartment to apartment because I couldn't find one that felt like "home"

I was discharged in March of 2009. Applied for a mortgage the day after my discharge. Was approved and closed on my home May 8, 2009. I feel at home now.

It can be done and sometimes you have to go back to the beginning to start over.

Good luck to you and your family.

[NowImDownInIt]

As a mother of two I can definitely see where you are coming from but I think that you should listen to your attorney. They generally know what they are talking about. My family of 4 is in a decent 2 bedroom apartment and I must say that, while sometimes it doesn't feel 100% like home, it is making getting through this BK more bearable. I don't have to worry about maintenance, repairs, etc. Sometimes I even forget I am in a BK. I would suggest discussing this more with your wife. If you can go the ch. 7 route, after letting the house go, do that.. If not, move forward in the 13 WITH your wife.. I worry that if you let the house go and file alone it will end up your wife's responsibility.

[frogger]

I don't have to worry about maintenance, repairs, etc.

People tend to forget about these things.

Maintenance, repairs, upgrades, stopped up drains, roof leaks, property taxes, insurance, etc.

Home ownership is a very expensive thing. Make the decision with your wallet and not your heart. A house is only a house, a home is where you make it.