Ch 7 bankruptcy after foreclosure

[katfzl]

Our house foreclosed almost two months ago. It was a VA loan originally for $184,000, then modified to $192,000 and with attorneys fees etc., the final mortgage came in at about $204,000 at auction. It was "sold" for about $124,000. I am preparing my bankruptcy paperwork (pro se) and unsure how to list the debt. Do I put the entire debt of $204,000 down, or the difference between the mortgage and what it sold for (about $80,000 ~ the amount that will be issued to the IRS on the 1099).

[katfzl]

CH bankruptcy after foreclosure

Our house foreclosed almost two months ago. It was a VA loan originally for $184,000, then modified a year later, and with attorneys fees etc., the final mortgage came in at about $204,000 at auction. It was "sold/bought back" for about $124,000. I am preparing my bankruptcy paperwork (pro se) and unsure how to list the debt. Do I put the entire debt of $204,000 down, or the difference between the mortgage and what it sold for (about $80,000 ~ the amount that will be issued to the IRS on the 1099). In addition, do I list the debt on schedule F?

[justbroke]

It's now unsecured debt, so you'd list the difference between the sale price and the amount on the mortgage on Schedule F. You don't need to be super accurate, unless you're filing Chapter 13 and getting close to the "109" limits.

[justbroke]

I think I answered this in another thread. You posted it in the Chapter 7 forum as well. Making duplicate posts makes it difficult for others to see the chain of responses.

Here's the original thread: http://www.bkforum.com/showthread.ph...er-7-discharge

[AngelinaCat]

I have merged the two threads into this one. Justbroke is right. Please do not create duplicate threads on the same topic, as it makes it very difficult for readers to follow both and keep up with the answers. For that reason, it is against forum rules to do so. If you haven't had a chance to review the forum rules for posting, now might be a good opportunity to do so:

http://www.bkforum.com/announcement.php?f=3

Thanks!

[katfzl]

Okay, I will change the schedule. I had put the total debt down because I don't have the exact number (difference between the mortgage and sale price) as I have tried numerous times to get this information from the bank and been unable to do so. I just know that it is $80-85,000. Justbroke, I think the link you included was a thread about foreclosure AFTER bankruptcy. However, I did double post, and won't do it again. Thanks!

[justbroke]

Yes, it was, and that's probably why I was confused. Was your question answered?