How exactly does a trustee "take" assets? Send someone to your house?

[KevFinnerty]

As to your house, if you have that kind of equity, the trustee will probably get with a real estate agent and get the property listed. Live there as long as you can....

Right, that is exactly what I had been expecting to happen. But it hasn't yet (& it has been 3 months since my debts were discharged). Then today the bank tells me this other weird stuff - that as far as they know the trustee has nothing to do with it, that they will be foreclosing.

[KevFinnerty]

our property was in nj....we surrendered the house. is that your plan?? you can just surrender it and not go through all this. just stay until they foreclose and save money for your move...unless you really want to keep the house.

No I don't think that's right (surrendering it) - if I do that (as I understand it) then I lose the rights to my homestead exemption (about $20,000), which the trustee would have to give me after the house sells & the mortgage is paid off through the sale etc.

[KevFinnerty]

Kev, my advice is to NOT BELIEVE what the bank is telling you. You need to get firm answers to these questions from your attorney.

Thanks, I think you hit the nail on the head, I am too honest/trusting. I will talk to my atty (the paralegal that is).

Perhaps I should not have even had the conversation I had with the bank today (although I needed to to find out who was snooping around, also to try to tell them to NOT talk to my neighbors).

[KevFinnerty]

No I don't think that's right (surrendering it) - if I do that (as I understand it) then I lose the rights to my homestead exemption (about $20,000), which the trustee would have to give me after the house sells & the mortgage is paid off through the sale etc.

I'm going to reply to myself - I may be confused on the semantics here. We did "offer" the house to the trustee at the 341 hearing, that he could take it/sell it to recover the equity to settle some of the debts, but that I was not giving up my homestead exemption amount on it. I don't know if that means "surrendering" or not in legal terms though, I forget the details.

[tobee43]

No I don't think that's right (surrendering it) - if I do that (as I understand it) then I lose the rights to my homestead exemption (about $20,000), which the trustee would have to give me after the house sells & the mortgage is paid off through the sale etc.

your correct, we surrendered it, left the state...went underground for 2 years and then took the wildcard exemption in this state..which you could do if you didn't own a home.

i just think with a rather small amount of equity, and excuse me, i'm not certain what your bottom line debt is, however, i'm certain the trustee still would let you work something out with a buy back on the house if you wanted to.

in this market really who is the trustee going to sell your house to? it's in the best interest of both the court and if you want to keep your house to work with the trustee to resolve the situation with the buy back, if possible...just an opinion!

[tobee43]

I'm going to reply to myself - I may be confused on the semantics here. We did "offer" the house to the trustee at the 341 hearing, that he could take it/sell it to recover the equity to settle some of the debts, but that I was not giving up my homestead exemption amount on it. I don't know if that means "surrendering" or not in legal terms though, I forget the details.

well then, it sounds as though you made the offer to hand over the house, and it might be the trustee knows or may know there is not a great chance to get money back. and, if you offered and you heard nothing back, that is what it sounds like to me.

[KevFinnerty]

well then, it sounds as though you made the offer to hand over the house, and it might be the trustee knows or may know there is not a great chance to get money back. and, if you offered and you heard nothing back, that is what it sounds like to me.

Maybe that is case. I don't know. Seems like he could recover SOMETHING on it above my mortgage debt, even in this terrible real estate market. It's just weird how long this has gone on with no word at all.

[tobee43]

Maybe that is case. I don't know. Seems like he could recover SOMETHING on it above my mortgage debt, even in this terrible real estate market. It's just weird how long this has gone on with no word at all.

if you have a chapter 7 asset, it can take a while. i know it's never racking, but just sit tight and i'll be hoping the best for you!!!

[KevFinnerty]

if you have a chapter 7 asset, it can take a while. i know it's never racking, but just sit tight and i'll be hoping the best for you!!!

Thanks.

Your post made me LOL because of a misprint - it's funny the way one letter can totally change the meaning of something. I know you meant "nerve racking" but you typed "never racking", which would mean just the opposite (kind of). Anyway, it made me 4get my misery for a couple minutes.

[tobee43]

LOL!! i took out in my signature area about my typo's!! i am the worse!!

glad my typo's are a little useful!! i know this is so much stress, but really, it will pass