We will be filing chap 7 in a few months. Just making last few payments to attorney. I wanted to get people's opinions on how successful we will be in getting a mortgage over the next few years. My two brothers and I inherited a home and I bought them out. So I have at least 33% equity. Since obtaining a mortgage at the time was difficult due to our high credit card debt my attorney structured a mortgage where I am paying my brothers for the first five years at which time I will obtain different financing. Attorney said much better chance of getting financing by eliminating debt, even through chap 7. Sound possible? Even if I could pay off one of them before the 5 years is up would be nice since the other would extend original agreement. (previous house had mortgage for 20 yrs, with no late payments). Any opinions!?
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Hi and welcome, my first question on this house is do you live in it presently? Also, how much equity do you think (or know) is in it? I ask because the trustee could possibly be interested in this asset if its not protected with exemptions. Not sure what the exemptions are in MA but you want to talk to your bankruptcy atty about this for sure, good luck. -
I do live in the house. In MA we have a 500,000.00 dollar exemption for the homestead. The home is well protected as confirmed with our attorney. Just wondering how easy or difficult it would be to refinance in the future We owe about 190,000 and the house is valued at 320.000.Comment
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