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8/21/2019 11:11:30 AM
https://www.nolo.com/legal-encyclopedia/home-chapter-7-bankruptcy-32498.html
" Is there enough unprotected home equity to trigger a sale?
Start with the fair market value of your home and subtract the following:
the homestead exemption amount you’re entitled to claim (usually between $10,000 and $100,000)
the trustee's commission on the difference (25% of the first $5,000, 10% of the next $50,000, and 5% of the rest, up to one million)
the costs of sale (usually around 8% of the fair market value)
the amount owed on all mortgages, and
the amount of all nonmortgage liens secured by the home (such as a tax lien).
If you end up with a negative number, you don’t have sufficient equity to trigger a sale, which essentially means that the Chapter 7 bankruptcy trustee won’t have an incentive to sell your home. Since there won't be anything leftover to be used to pay the unsecured creditors, the trustee will abandon the property.
If you end up with a positive number, this is the amount of equity that the bankruptcy trustee could use to pay your unsecured creditors. In this case, the Chapter 7 bankruptcy trustee might sell your home, give you the amount of the homestead exemption, pay off mortgage and lien holders, and use the rest to pay off unsecured creditors."
"Can Chapter 7 Bankruptcy Help With Foreclosure?
Chapter 7 bankruptcy might provide temporary relief from foreclosure, but it won’t help you keep the home. It doesn’t have a mechanism to pay off arrears or permanently stop the foreclosure.
Here are some options to consider:
Negotiate with your lender before bankruptcy. If you are behind on mortgage payments, you might be able to negotiate with the lender to deal with the shortfall, either informally or through a more formal "mortgage workout" where the lender agrees to renegotiate payments terms by modifying the loan or refinancing. If you go this route, complete the loan modification before you file for bankruptcy. Otherwise, the bankruptcy will likely disrupt any ongoing negotiations. (You’ll find information about lender negotiation and loan modifications in Foreclosure.)
Consider Chapter 13 bankruptcy. If you’ve fallen behind on your payments but now have enough income to catch up on the mortgage arrearage over time, you can save your home in a Chapter 13 bankruptcy."
https://www.avvo.com/free-legal-advice
These sites, forums like ASK미국, Quora, Wiki Answers, Yahoo Answers, Stack Exchange . . . can be good for GENERAL questions. . .
Please consult with local bankruptcy lawyers!
" Is there enough unprotected home equity to trigger a sale?
Start with the fair market value of your home and subtract the following:
the homestead exemption amount you’re entitled to claim (usually between $10,000 and $100,000)
the trustee's commission on the difference (25% of the first $5,000, 10% of the next $50,000, and 5% of the rest, up to one million)
the costs of sale (usually around 8% of the fair market value)
the amount owed on all mortgages, and
the amount of all nonmortgage liens secured by the home (such as a tax lien).
If you end up with a negative number, you don’t have sufficient equity to trigger a sale, which essentially means that the Chapter 7 bankruptcy trustee won’t have an incentive to sell your home. Since there won't be anything leftover to be used to pay the unsecured creditors, the trustee will abandon the property.
If you end up with a positive number, this is the amount of equity that the bankruptcy trustee could use to pay your unsecured creditors. In this case, the Chapter 7 bankruptcy trustee might sell your home, give you the amount of the homestead exemption, pay off mortgage and lien holders, and use the rest to pay off unsecured creditors."
"Can Chapter 7 Bankruptcy Help With Foreclosure?
Chapter 7 bankruptcy might provide temporary relief from foreclosure, but it won’t help you keep the home. It doesn’t have a mechanism to pay off arrears or permanently stop the foreclosure.
Here are some options to consider:
Negotiate with your lender before bankruptcy. If you are behind on mortgage payments, you might be able to negotiate with the lender to deal with the shortfall, either informally or through a more formal "mortgage workout" where the lender agrees to renegotiate payments terms by modifying the loan or refinancing. If you go this route, complete the loan modification before you file for bankruptcy. Otherwise, the bankruptcy will likely disrupt any ongoing negotiations. (You’ll find information about lender negotiation and loan modifications in Foreclosure.)
Consider Chapter 13 bankruptcy. If you’ve fallen behind on your payments but now have enough income to catch up on the mortgage arrearage over time, you can save your home in a Chapter 13 bankruptcy."
https://www.avvo.com/free-legal-advice
These sites, forums like ASK미국, Quora, Wiki Answers, Yahoo Answers, Stack Exchange . . . can be good for GENERAL questions. . .
Please consult with local bankruptcy lawyers!
