Negotiating Buy Back

[keepsmiling]

Sounds to me like a compromise between your CMA at the high side of 200 and his comps which started at 250, bringing you to somewhere around 225 selling price. Less your mortgage and exemptions equals 30k; less 21 expenses to get his 9k. That probably sounded about right to the judge.

Is there ANY chance-- honestly--- that he could get near that?

Tough call... a bit of a staring contest. This is where I worry that we will be, when the time comes. Do you have the cash to pay off this more or less extortion?
Are you discharged? cuz if you were, and you stopped making mortgage payments, that would reduce your alleged equity. Just saying.

[Worriedmom4]

Sounds to me like a compromise between your CMA at the high side of 200 and his comps which started at 250, bringing you to somewhere around 225 selling price. Less your mortgage and exemptions equals 30k; less 21 expenses to get his 9k. That probably sounded about right to the judge.

Is there ANY chance-- honestly--- that he could get near that?

Tough call... a bit of a staring contest. This is where I worry that we will be, when the time comes. Do you have the cash to pay off this more or less extortion?
Are you discharged? cuz if you were, and you stopped making mortgage payments, that would reduce your alleged equity. Just saying.

Now I get an idea of how he came to that number! What a money maker for the trustee. After reading everyone's posts, I am understanding more and more of this game. Not fair to me or my family but the law is on the trustee's side no matter how dirty or unethical he is.

Can he get near $225? I don't believe so. I specifically asked the realtor if our house could sell for more than $215. He said not in the state it is in. If we fixed all that we had to, he said our house would be beautiful but never indicated a different price. Can some handy man walk in and fall in love with something in my home and see big potential~~my guess is it could happen. This is what scares me. Yes, I know, just because I love my house doesn't mean that everyone else does but the potential is there and I hate the unknown.

Yes, we can get the cash to pay him off and make him go away. It will be tight but it's not like we have never been on a tight budget. We will need to use some of our tax refund which my attorney believes the trustee does not want since he has made no mention of that. With my luck, that will change.

We've countered and I am sure he will come back with something more. We'll play this game and hopefully come to an agreement soon. I do hope your situation is not as stressful as mine when that time does come. Don't be stupid like us. I am sure you have as much documentation as possible to heed off any ideas the trustee may have.

[helpmeout]

Don't counter. Stop paying the mortgage and let him list the property. And when it doesn't sell for what he thinks it's worth, he will eventually abandon it. Or the bank will file for a motion for relief so that they can pursue foreclosure (that's what my bank did when the Trustee was dragging her feet on declaring me a non asset case) and the Trustee will be forced to defend against that.

And when this is all over, work it out with the bank on catching up. Or just put the payments in a savings until this is settled.

Don't play the Trustee's game. It's just a house. It's really not worth it. Walk away. The fear of the unknown is not enough reason to start your fresh start this way.