Just a quick question, we have about $5,000 equity left after the exemption amount and first and second mortgages! Would the trustee typically come after the house for that amount.
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Maybe there is a way that you could pay the trustee instead of them coming for the house. I think for that amount, they'd prefer cash over having to sell your house? -
How reliable is your home valuation? And did you account for selling fees?Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.)Comment
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I didn't account for selling fees, this is just strictly, the exemption amounts, and mortgages!Comment
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You're probably fine. I'm in the same boat - house value is around $215K, owe around $200K, and I can only exempt $10K. Are you filing jointly or individually? My husband didn't file with me and we both own the house, so in my case my attorney said that although there is $5K left over that the trustee would have to split the excess equity with my husband AFTER selling costs were calculated. I'm pretty sure the trustee can figure that he will be left with nothing after he does all that. The only problem that I'm worried about is the trustee coming back and saying our valuation was too low. Hopefully that won't happen though!Comment
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