We are going to file for ch 13 because we have a HELOC. We owe $240K on our first mortgage, and $100K on the HELOC (different banks). Our neighbor did a short sale on a house that has the same floor plan as us, it sold for $190K. Well, I just got some news that you would think would make me happy, but it scares me. A house just like ours (that was bank owned) just sold for $240K. We have not filed yet. What happens if during the process of paying off the debts in ch 13, you gain equity in your house?
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Absolutely nothing.
Value of your home on the filing date is what counts, period.
Good luck to us all.No person in their right mind files a Ch. 13 with lien strip pro se. I have.Therefore, please consider me insane and clinically certifiable when reading my posts, and DO NOT take them as legal advice of any kind.Thank you. -
I 2nd Shark66's comment. And. . . all the more reason to do the 13, file the AP and get a judgment sooner rather than later thus putting finality to the 2nd (assuming your complete the 13). You need to get a BPO or CMA to make sure your value is not anywhere close to $240k.
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What is a BPO or CMA? We plan on filing very soon! Thank you both for your help!Comment
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Oh, sorry. Broker's Price Opinion (BPO) and Comparative Market Analysis (CMA), both of which are cheaper than a full blown appraisal. Just make sure it is something more than a 1 page statement that the realtor or broker thinks the property is worth $x. The BPO or CMA will be attached as an exhibit to the strip off complaint.Originally posted by Forza42 View Post
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Thank you!Comment
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