Help with home and exemptions

[Pasofino]

I am filing pro se and even tho I have Nolo, I am still a bit confused.

I have an interest only loan and my home is worth 50% less than what I paid for it.

I had the payment reduced and until interest rises, the payments are better than renting.

I would like to stay in my condo which is only one month behind and I still owe property taxes.

I do not plan to reaffirm this condo as I will probably walk away next year.

Do I list this property as exempt on schedule C.... since I want to stay for now?


On what schedules do I list this property.
Sorry, but I am now stressed and getting confused.

[Pasofino]

House and exemptions

I am filing pro se and even tho I have Nolo, I am still a bit confused.

My interest only loan home is worth 40%less than what I paid for it.

I had the payment reduced and until interest rises, the payments are better than renting.

I would like to stay in my condo which is only one month behind and I still owe property taxes.

I do not plan to reaffirm this condo as I will probably walk away next year.

Do I list this property as exempt on schedule C.... since I want to stay for now?

Sorry, but I am now stressed and getting confused.
Filing Ch 7 March

[justbroke]

You list it as Exempt on Schedule C if you're keeping it and there's a homestead exemption for it. Be aware that some States differentiate what "receiving the benefit of the homestead exemption" means. In Florida, even if your home has negative equity, you still "receive the benefit of the homestead exemption" by staying in it.

If you're filing Chapter 7, you REALLY REALLY REALLY need to be current on your mortgage if you intend to stay. Unless you can negotiate -- difficult as an individual -- a Reaffirmation that modifies the current loan, which you don't want to do anyhow, you will probably be in a jam. The lender will seek relief from the automatic stay (RFS) and then seek to follow your State's non-bankruptcy laws to foreclose.

Also, since you owe back property taxes, the lender may decide to pay them and then escrow the back taxes and future property taxes. This could make the payment unaffordable.

You really need to step back and re-think your whole case. You need to come up with your intentions for all property and figure out what your "alternatives" are if those things I listed -- like foreclosure -- come to fruition. Plan, plan, plan.

I don't think you're ready to file. I'm not trying to cause stress, I'm trying to reduce it in the future by making sure that you understand the implications of everything you do, from your Statement of Intentions to what you put where on your Schedules.

[justbroke]

You posted this to two different areas of the Forum. This is highly discouraged as it will dilute your responses. I'm asking the Moderators to combine the threads.

[lrprn]

Pasofino, it's against our forum rules to post the same question to different forum areas. Most of our members look at all the forum areas - there's no need to post more than once. In the future, please post your question in only one location - thanks!

[Pasofino]

Pasofino, it's against our forum rules to post the same question to different forum areas. Most of our members look at all the forum areas - there's no need to post more than once. In the future, please post your question in only one location - thanks!

Please forgive.Thanks