top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

confused about mortgage,equity,reaffirm

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    confused about mortgage,equity,reaffirm

    I know that most state exemptions give you about 20k of equity.

    But no house today is really worth 20k. Anyhouse is worth more so i would assume that the trustee would want to take it to make money if the house is paid in full.

    Any other house has a mortgage on it. But it seems like most people are having trouble either reaffirming or the lender is trying to boot them out by submitting a relief of stay.

    SO my questions is....where is the middle ground. It seems like people are screwed either way. I do want to keep my house but it seems hard.
    Tags: None
    #2
    Trustees are not interested in houses, per se. They are interested in equity in houses, and more specifically, non-exempt equity in houses. Only if there is a substantial amount of non-exempt equity in the house, after figuring in costs of sale, is a trustee going to be interested.

    In my practice, mortgage bankers have been all too eager to reaffirm mortgage debts if the borrower is anywhere near current. The last thing they want is yet another unsalable foreclosed property. And if the borrower is not current, we use chapter 13 to bring them current.

    What are you referring to by creditors booting people out with a motion to lift stay?
    Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

    Comment

      #3
      Originally posted by MSbklawyer View Post
      Trustees are not interested in houses, per se. They are interested in equity in houses, and more specifically, non-exempt equity in houses. Only if there is a substantial amount of non-exempt equity in the house, after figuring in costs of sale, is a trustee going to be interested.

      In my practice, mortgage bankers have been all too eager to reaffirm mortgage debts if the borrower is anywhere near current. The last thing they want is yet another unsalable foreclosed property. And if the borrower is not current, we use chapter 13 to bring them current.

      What are you referring to by creditors booting people out with a motion to lift stay?
      I just heard stories where bk was filed but then the lender tries to get the stay lifted to get the people out of their house.

      Im current and wells fargo is my lender. Do you know if they reaffirm?

      Comment

        #4
        Originally posted by TBLTZ View Post
        I just heard stories where bk was filed but then the lender tries to get the stay lifted to get the people out of their house.

        Im current and wells fargo is my lender. Do you know if they reaffirm?

        If you're not paying your mortgage or intend to surrender the mortgage processor will ask to have the stay lifted so they can begin the foreclosure process and protect their asset(your home).

        Do not reaffirm unless you have to reaffirm. How much equity do you have in your house and how have determinted its market value?
        Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

        Comment

          #5
          Originally posted by TBLTZ View Post
          I just heard stories where bk was filed but then the lender tries to get the stay lifted to get the people out of their house.

          Im current and wells fargo is my lender. Do you know if they reaffirm?
          I have never had any need to reaffirm with them on a house, but we have reaffirmed with them on vehicles.

          And if they don't reaffirm, talk to your attorney about the possibility of a 'walk-through'. You just keep making the payments without a reaff.
          Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

          Comment

            #6
            But no house today is really worth 20k. Anyhouse is worth more so i would assume that the trustee would want to take it to make money if the house is paid in full.


            This is a state specific issue. Some states like Fl. and Tx. have an unlimited homestaed exemption. Others have exemptions in the 6 figures. Just depends on where you live.

            BTW, welcome aboard Msbklawyer!

            Comment

              #7
              Originally posted by OhioFiler View Post
              If you're not paying your mortgage or intend to surrender the mortgage processor will ask to have the stay lifted so they can begin the foreclosure process and protect their asset(your home).

              Do not reaffirm unless you have to reaffirm. How much equity do you have in your house and how have determinted its market value?
              Im currently on payments and probably only have 2-3k in equity since the housing bust.

              Comment

              Previous template Next

              bottom Ad Widget

              Collapse
              Working...
              X