.jpg)
Elderly Client and Home Equity
Why not try filing the Ch. 7 (with a full explanation in Schedule "A"
about the value and costs of sale, etc.) and then if the Trustee seeks
to sell it, convert to a Chapter 13 and use Dennis' suggestion?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
On 4/30/2010 1:05 PM, Dennis McGoldrick wrote:
>
>
> Ch13, 100 a month for 3 years, or take the risk./2 4
>
>
> Dennis McGoldrick
> 350 S. Crenshaw Bl., #A207B4
> Torrance, CA 90503
>
> On Apr 30, 2010, at 12:11 PM, "Cola" > wrote:
>
>> Background:
>> Elderly client has $50k in credit card debt and home equity of around
>> $25k more than the homestead amount of $175. Specifically, she has
>> $405k first mortgage. B of A's appraisal site comes in at $609 and a
>> BPO was obtained at the same price. (Zillow and others report a
>> higher price.) She lives on social security income which barely
>> covers her mortgage which is a negative am note that is set to
>> explode in a few years. No other assets.
>>
>> Question:
>> Should I consider filing Chapter 7 for this client given how close
>> she is to the limit on the homestead? If I take a 6% broker fee off
>> of the $609k BofA figure, the trustee would have only $167k in equity
>> leftover, all of which would need to be returned to her. The problem
>> is that she is so old and does not want to take any risk that she
>> would lose her house which she has lived in for over 40 years. I
>> doubt that it matters to anyone but me, but she is perhaps one of the
>> most sympathetic cases that I've stumbled across.
>>
>
>
>
>
The post was migrated from Yahoo.
Ch13, 100 a month for 3 years, or take the risk./2 4
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B4
Torrance, CA 90503
On Apr 30, 2010, at 12:11 PM, "Cola" wrote:
Background:
Elderly client has $50k in credit card debt and home equity of around $25k more than the homestead amount of $175. Specifically, she has $405k first mortgage. B of A's appraisal site comes in at $609 and a BPO was obtained at the same price. (Zillow and others report a higher price.) She lives on social security income which barely covers her mortgage which is a negative am note that is set to explode in a few years. No other assets.
Question:
Should I consider filing Chapter 7 for this client given how close she is to the limit on the homestead? If I take a 6% broker fee off of the $609k BofA figure, the trustee would have only $167k in equity leftover, all of which would need to be returned to her. The problem is that she is so old and does not want to take any risk that she would lose her house which she has lived in for over 40 years. I doubt that it matters to anyone but me, but she is perhaps one of the most sympathetic cases that I've stumbled across.
Ch13, 100 a month for 3 years, or take the risk./2 4Dennis McGoldrick 350 S. Crenshaw Bl., #A207B4Torrance, CA 90503On Apr 30, 2010, at 12:11 PM, "Cola" <rogerclim@gmail.com> wrote:
The post was migrated from Yahoo.
Background:
Elderly client has $50k in credit card debt and home equity of around $25k more than the homestead amount of $175. Specifically, she has $405k first mortgage. B of A's appraisal site comes in at $609 and a BPO was obtained at the same price. (Zillow and others report a higher price.) She lives on social security income which barely covers her mortgage which is a negative am note that is set to explode in a few years. No other assets.
Question:
Should I consider filing Chapter 7 for this client given how close she is to the limit on the homestead? If I take a 6% broker fee off of the $609k BofA figure, the trustee would have only $167k in equity leftover, all of which would need to be returned to her. The problem is that she is so old and does not want to take any risk that she would lose her house which she has lived in for over 40 years. I doubt that it matters to anyone but me, but she is perhaps one of the most sympathetic cases that I've stumbled across.
The post was migrated from Yahoo.