My family loaned the BF and I money (60K) to put towards the down payment on our house. Although there is no paperwork on this loan, other than the original wire from them to the escrow company and the receipts from our wires where we sent them payments (we have not made a payment since November '09), technically it is a loan against the house. If we ever sell the house, they are to be paid out of the proceeds--although even that is moot since we are underwater on our first mortgage. But whatever....
So where do I put this secured loan in my Chapter 7 schedules? I assumed it should go on the Schedule D with the other creditors holding secured claims, but with no paperwork perfecting this loan, apparently it is considered an unsecured loan and therefore should go on Schedule F. That seems strange to me. Does anyone have any wisdom on on how to list information about family loans?
So where do I put this secured loan in my Chapter 7 schedules? I assumed it should go on the Schedule D with the other creditors holding secured claims, but with no paperwork perfecting this loan, apparently it is considered an unsecured loan and therefore should go on Schedule F. That seems strange to me. Does anyone have any wisdom on on how to list information about family loans?
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