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How do you show a bankruptcy trustee there is no equity in the home the buidler was building for us?
Wiki User
∙ 15y ago
Having the home value based on completed like models can help you. If the builder is currently building new homes in the same area or has already completed some that are listed for sale: This could help you by collecting one of the listed homes with their advertising that may show the current value. In most cases you will base the sales of five homes or five existing home that are used for comparables to determine average value. If this does not work, you may need an appraiser to complete an appraisal based on completed value which will be the most accurate. If you need assistance with this I will glady help you. 480-621-4270 Or visit www.lowermymortgageratestore.com
Wiki User
∙ 15y ago
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Would you be asked to put a mortgage on your house to pay your bills if you file for chapter 7 bankruptcy?
No. But if you have equity in your home it may not be the best approach. A chapter 13 is designed for a situation where the person has equity or is behind on payments. In a Chapter 7 - You will be asked to pay the Trustee the value of the equity of your home... so if you have $15,000 in non-exempt equity, you'll most likely have to write a check to the Trustee for $15,000 or surrender the home. no ,but if you include the Mortgage on your property in your bankruptcy,most likely you will have to surrender the property to a court appointed trustee
If my husband and I have to file bankruptcy and the car is in my daughters and my name will we loose it?
If there is no equity in the car (it is worth as much or less than the payoff price), and the payments are current, no. If there is equity, since your daughter is not entitled to your exemption, someone will have to pay half of the equity to the trustee.
If you don't have enough equity in your home for your chapter 13 payoff can you refi anyway?
You would need permission from the trustee of the Bankruptcy to apply for a loan. I don't think any lender will allow you to refi under a bankruptcy unless you are NOT planning to cash out what equity you have in your house. For example, if you are trying to reduce your interest rate, it is possible that a trustee will grant you this privilege. For more information about mortgage, take a look at Phil Turner's Credit Bible, you may find valuable information to assist. You would need permission from the trustee of the Bankruptcy to apply for a loan. I don't think any lender will allow you to refi under a bankruptcy unless you are NOT planning to cash out what equity you have in your house. For example, if you are trying to reduce your interest rate, it is possible that a trustee will grant you this privilege. For more information about mortgage, take a look at Phil Turner's Credit Bible, you may find valuable information to assist.
What is selective bankruptcy?
Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.
Can you refinance and use the equity to pay off your bankruptcy?
All major financial transactions must be approved by the bankruptcy trustee. The request should be submitted in written form with all pertinent information included. Any major financial changes made without having received the permission from the trustee can result in the BK being dismissed with prejudice.
Do you have to notify trustee if in bankruptcy and car has been wrecked?
Almost definitely. The car may have equity that belongs to the creditors or it may be security to a car loan, in which case, you may wish to discharge this debt.
If you file chap 7 what will happen to your 2005 truck and 2003 car that are paid for?
It will depend on whether you have a house with equity or not, and on the exemption you can claim in your state or if you can use the federal exemptions, and on how much the vehicles are worth. Any equity amount not exempt will have to be paid to the trustee, or the trustee may be able to take and sell one or both vehicles. Talk to a bankruptcy lawyer in your state.
Can a primary owner keep a secondary property while filing for bankruptcy if they have a renter with a rent to own agreement?
In a Chapter 13, yes. In a Chapter 7, it depends on whether the debtor has no equity or has exemptions available to cover the equity, or can pay the trustee the value of the equity. Otherwise, the trustee will collect the rent and either sell the property to a new owner or wait a short period for the tenant to buy it. The trustee will want the rent in any event, even if he may decide to abandon the property in the current real estate market.
Can you get a home equity line of credit if you are the trustee of the home and the is paid for?
Yes.
Does bankruptcy attorney keep rental property income?
The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.
Can you refinance your house while you are in a chapter 13 bankruptcy?
If you own a home and you have made your payments on time to the bankruptcy trustee, you may be able to complete your bankruptcy very quickly. There are several thinks that must be considered. It is very important that you work with a Mortgage Lender who has a lot of experience in this type of refinance. If you have equity in your home you may be able to do a cashout refinance of the home and use the cash you take out to pay off the bankruptcy. This will require the approval of the bankruptcy trustee. Normally the best option for someone who wishes to do a cashout transaction is an FHA loan. You can get an interest rate that is aggressive and you will not have a prepayment penalty. Another factor is how long you have been in the bankruptcy.
Can tax liens be dismissed under Chapter 7 or Chapter 13?
Even if you discharge a tax debt in a bankruptcy (which can be done in limited circumstances), the lien associated with that debt is not released by bankruptcy proceedings. The result is that you may come out of bankruptcy with no tax liability, but there may still be a lien on your property. That lien attaches to any equity in your assets that existed prior to the bankruptcy and was exempted in the bankruptcy. For example, if you owned your house and filed bankruptcy with $20,000 of equity in your home, you may have been able to exempt that equity in the bankruptcy through a homestead exemption (so that you could keep your home). If that happened, after your bankruptcy was discharged the IRS would still have a lien against you that attaches to that $20,000 of equity (but not to any equity that accrues after the bankruptcy filing).
