homes-- help!

[Elle615]

I"m reading the tactical guide right now ,and it said under mortgages and deeds:

"If a mortgage isn't filed, the trustee can take your home." page 6

Does this mean if you never had a mortgage on your home, they can seize your home?

I ask because, one of my concerns is my home. It's a mobile home. I own it with my sister, our names are the only one's on the title. Our family pulled together and helped us buy it in full. So, if my husband and I have to file bankruptcy, can we lose our home??

help!

[BKOnce]

Literally, they implied "cash" or anything/assets that they can sell/convert to instant liquidity/cash (by any non-binding means if necessary).

[SinkingFast]

Most States, any Lien holder or Mortgage Lender files their names on the Deed/Title of your property. If you don't have a mortgage filed against the Deed/Title to your home, then it's treated as if you own the home in full.

Many States have one Exemption limit for a "regular" home and a different Exemption limit for "mobile" homes. Some States offer an unlimited Homestead Exemption BUT you have to meet the new minimum 3 year 4 month residency requirement.

Tell us what State you live in and how long you've owned the property and we'll help you find your State's Homestead Exemption limits.

[Elle615]

I'm in Michigan. And we've owned the home for 2 years. (purchased June 2005)

[lrprn]

I'm in Michigan. And we've owned the home for 2 years. (purchased June 2005)

In Michigan, you can elect to use the Michigan exemptions or the federal exemptions.

Michigan exemptions - http://www.bankruptcyinformation.com/MI_exemp.htm

Federal exemptions - http://www.bankruptcyinformation.com/exemp-fed.htm

You didn't say how much your paid-in-full mobile home is worth, but I'm betting it's more than the maximum homestead exemption I see between the two - the federal exemption $17,450 + $925 wild card = $18,375 total.

However, you mentioned your sister is also on the deed. That might be important because in the Michigan exemptions, "Property held as tenancy by the entirety may be exempt against debts owed by only one spouse". Your sister isn't your spouse, but certainly does have 1/2 interest in the mobile home.

You need expert legal advice to find out just where you stand with your home. Make free or low-cost initial consultations with 3-4 bankruptcy lawyers in your area. You'll have an excellent idea of whether your mobile home is at risk or not while learning a lot about whether bankruptcy is your best option as well.

Good luck - hope everything works out in your favor!

[Elle615]

we paid $16,000 including taxes. It's a 1988.

Will the attorny and then trustee be interested in the papers for that?


thank you everybody.

[B12]

Tenancy entirety is for married persons only. Any other relative or person is joint tenants or tenants in common.

"Mortgage isn't filed" refers to either no mortgage or a lien has not been recorded.

Say for instance, your parents hold the mortgage but did not bother recording it, that would be a lien not filed.