Hello again!
I have another question. I have searched and searched, and have not come up with a definite answer. We have set up consultations with three attorneys, but there was a waiting list so our first one is not until January.
A relative of mine took out a home equity loan for my mother and I about three years ago. It was for a parcel of land that my mother and I split. The monthly payment on the home equity loan, in his name, is $605 per month, of which I pay $300.
Every month my mother deposits $300 into my checking account, and I then write a check to the relative for $605 to pay the minimum payment on the home equity loan.
From what I have found, I have a feeling that if I file Chapter 7 rather than Chapter 13 that they are going to pursue my relative for this money that we pay him every month, even though he is not keeping it. It is getting paid directly to BOA, on a home equity loan that was taken out for us.
Do you all have any opinions on this?
I have another question. I have searched and searched, and have not come up with a definite answer. We have set up consultations with three attorneys, but there was a waiting list so our first one is not until January.
A relative of mine took out a home equity loan for my mother and I about three years ago. It was for a parcel of land that my mother and I split. The monthly payment on the home equity loan, in his name, is $605 per month, of which I pay $300.
Every month my mother deposits $300 into my checking account, and I then write a check to the relative for $605 to pay the minimum payment on the home equity loan.
From what I have found, I have a feeling that if I file Chapter 7 rather than Chapter 13 that they are going to pursue my relative for this money that we pay him every month, even though he is not keeping it. It is getting paid directly to BOA, on a home equity loan that was taken out for us.
Do you all have any opinions on this?