We are having a hard time deciding what to do about our home and thought maybe a little input from forum would claify things for us.
We have been on a loan mod since June 2010, have 2 more years on it (at 3%, $855 month, does not include taxes or insurance which we pay out of pocket), payments are current and will continue to be. House has approx. $66000 in equity, we have an agent that gave us a number that she feels could sell the house within 3 months. That number or close to it would net us about $12,000 to $15,000 after all the fees were paid.
Husband only one filing chp 7 end of Oct/early Nov, his name only one on mtg but my name on deed with him. Per our attorney, in NC the house is protected from husbands creditors because my name is on it so no interest to trustee. We can exempt 5,000 of sale proceeds with wildcard and our attorney has told us how to handle the remainder.
Husband thinks if we sell ahead of filing it would just help move things along and as the mortgage company is the only one that would be interested in the house they could go into foreclosure once notified of the chp 7. I think he is trying to stay ahead of the game in a sense?
If we stay and pay (providing the bank allows this for a while anyway) we would be looking to putting it up for sale in the Spring I guess (husband graduates in May and we are not sure where he will be for his new job). What are the chances the bank will just go along with this plan and let us continue to pay under the loan mod? There is a standard clause in our modification that relates to filing bankruptcy and how that can make the modification null and void but the attorney said as long as we are current and remain so they cannot stop the agreement JUST because we filed.
We are undecided on which way to go at this point and obviously it would be a little less stress on us not to have the house up for sale and having to move if it sells quickly (or could it be a blessing in this RE market, idk). Any thoughts? What would you do? Sorry for long story and thank you for reading anyway!
We have been on a loan mod since June 2010, have 2 more years on it (at 3%, $855 month, does not include taxes or insurance which we pay out of pocket), payments are current and will continue to be. House has approx. $66000 in equity, we have an agent that gave us a number that she feels could sell the house within 3 months. That number or close to it would net us about $12,000 to $15,000 after all the fees were paid.
Husband only one filing chp 7 end of Oct/early Nov, his name only one on mtg but my name on deed with him. Per our attorney, in NC the house is protected from husbands creditors because my name is on it so no interest to trustee. We can exempt 5,000 of sale proceeds with wildcard and our attorney has told us how to handle the remainder.
Husband thinks if we sell ahead of filing it would just help move things along and as the mortgage company is the only one that would be interested in the house they could go into foreclosure once notified of the chp 7. I think he is trying to stay ahead of the game in a sense?
If we stay and pay (providing the bank allows this for a while anyway) we would be looking to putting it up for sale in the Spring I guess (husband graduates in May and we are not sure where he will be for his new job). What are the chances the bank will just go along with this plan and let us continue to pay under the loan mod? There is a standard clause in our modification that relates to filing bankruptcy and how that can make the modification null and void but the attorney said as long as we are current and remain so they cannot stop the agreement JUST because we filed.
We are undecided on which way to go at this point and obviously it would be a little less stress on us not to have the house up for sale and having to move if it sells quickly (or could it be a blessing in this RE market, idk). Any thoughts? What would you do? Sorry for long story and thank you for reading anyway!
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