Quick Questions???

[almostdone]

Hello, I actually used an attorney for my case, and I think he doesnt know anything. So here are my quick questions.

1) I recieved discharge on 11/17/05, and on 11/28/05 I did an internet search for civil cases on me and found some I never even knew about. I told my attorney and they said they can ammend it. I read you can add a creditor up until the case was closed. Is this true? Or is it until you get the discharge? Once you get a discharge your case is usually open for 2-4 weeks still.

2) I was told my a mortgage company that they can refinance me now since I have been discharged. The house can appraise easily at 120,000,00. At my creditors meeting we used the countys assesment of only 48,000.00 which is what they say its worth. I owe 54,000.00. Can they come back and take the house? If its appraisal is more than the countys? Also my deadline to file objection has passed.

[Minnymouth]

Yes, I'm sure you can add creditors up until the case is closed, but you better GET IT DONE..........QUICKLY...... let your lawyer handle it.....

Yes you can refinance right now - bet your mortgage company would be THRILLED at their NEW HIGH INTEREST RATE - since you are coming out of bankruptcy. Think twice before doing it right now - really need to wait a year or two if possible....,.

Also REMEMBER - you case is not closed - only discharged. Trustee can do anything as long as case is open..... and up to a year after case is closed if he wants to open it back up.

He catches you refinancing, getting equity out in a large sum - he will file to reopen case and take it...... word of caution........ CAREFULL....

Just a thought,

Minny

[almostdone]

Equity?

The bank wants to pay off my truck, I wouldnt get cash back.

[almostdone]

One more question?

Ok, My house is currently a balloon mortgage 10 years, Balance 55,000, 12% interest. I filed the chapter 7, not my wife. We both own the house. The new bank said they will loan me lets say 80,000 at 8% interest, to pay off current mortgage and truck. In a sense I am eliminating the 25,000 owed on the truck, and putting it on the house at a lower payment. Would they interfere? How would they find out?

[StaciMM]

Has the trustee signed off on your case? I would suspect the trustee to look into home values, etc. Its easy to check what homes have sold for recently in your area. Its possible you slipped under the radar w/ the low evaluation. If so, the best thing to do is continue to lay low. I don't know their resources, but if he finds out you claimed less than 1/2 of what its actually worth, you may find yourself homeless. Sure, you'll get your exemption and your spouse (if on the title) will get 1/2 the equity, but that still leaves a lot on the line.

[Minnymouth]

If the truck gets suddenly paid off - it becomes a free and clear asset to take and sell.
Be patient you can refiance in a year without any trouble....

Best to wait - then loose.

Minny