Another Mortgage Question

[DaisysMom]

Happy New Year Everyone!

Since I am well below the Medium income the only problem I foresee is that my house may have too much equity. 5 - 10 K range. I was told that if that happened I could just pay the difference to the trustee??

And since my husband is not on the home loan or mortgage, he would not be allowed to claim a homestead exemption with me to raise the exemption amount?? Correct?

If that is the case, would a relative be able to give or lend us the money, or would the trustee take exception to that.

I just don't want to be pushed into a chapt. 13. I did the means test and I am a minus 260 with 0 disposable income. YIKES!! I don't have a clue how that would work if I did have to file 13.

Any advice, suggestions would be very helpful

D....

[AngelinaCatHub]

You mentioned Homestead Exemption. If you are in a home protected state like Florida, or Texas, your house is protected if you owned it free and clear. 'Hub

[DaisysMom]

Nope....Ohio (and probably going to file separately unless it would be to our advantage for both to file.

D...

[2Bshinyandnew]

Happy New Year Everyone!

Since I am well below the Medium income the only problem I foresee is that my house may have too much equity. 5 - 10 K range. I was told that if that happened I could just pay the difference to the trustee??

And since my husband is not on the home loan or mortgage, he would not be allowed to claim a homestead exemption with me to raise the exemption amount?? Correct?

If that is the case, would a relative be able to give or lend us the money, or would the trustee take exception to that.

I just don't want to be pushed into a chapt. 13. I did the means test and I am a minus 260 with 0 disposable income. YIKES!! I don't have a clue how that would work if I did have to file 13.

Any advice, suggestions would be very helpful

D....

Is your husband on the deed? If yes, that may allow you to raise the homestead exemption amount. The deed, not necessarily the mortgage (although typically the mortgagee(s) are on the deed, but not always) dictates who has legal rights to real property.

[DaisysMom]

No he's not on the deed. So that is probably not an option.

D...

[DaisysMom]

If he cannot take the exemption, would I be allowed to get the money from a relative to pay the difference.

I really want to go with chapter 7 and I have to keep my house.

D...

[TEW]

D
not sure about Ohio but in PA I was able to use DW on the homestead exemption and she was/is not on the deed or the loan.

[DaisysMom]

I see my attorney on the 8th and I am hoping that we have the same rules. If we do that will take care of the house and we will be in Chap. 7. Fabulous!!

Thanks for the input.

D...

[TEW]

I see my attorney on the 8th and I am hoping that we have the same rules. If we do that will take care of the house and we will be in Chap. 7. Fabulous!!

Thanks for the input.

D...

In PA it is marital property