Deed to house is in my name and my son's as he co-signed for my mortgage. I have not talked to attorney yet but am planning chapter 7 and keeping house. My question is mortgage is 240K. I would be lucky to get low 300's if I sold. Is the equity in house half mine and half my son's? I am current with payments.
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What state are you in? Alot of states have homestead exemptions. My state,Florida, has an almost unlimited homestead exemption. I sure wish I had some equity to utilize that exemption. Other than the generous homestead, the rest of FL's exemptions suck! But I digress....Wife Laid off - 11/16/2009 Missed First Payments - 12/5/2009
Filed Chap 7 - 12/31/2009
341 - 2/12/2010
Discharged - 4/19/2010
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I am in Ct and I believe the exemption is $75,000Comment
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If you think you could get in the low 300's, 75K should cover it. By the time closing costs were figured in, the Trustee wouldn't get anything. I don't have any hard facts to back it up but I would guess that a trustee would want pretty good cushion above your exemption before he went to the trouble to sell it.Wife Laid off - 11/16/2009 Missed First Payments - 12/5/2009
Filed Chap 7 - 12/31/2009
341 - 2/12/2010
Discharged - 4/19/2010Comment
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