Is the property "underwater" (market value less than the balance of the mortgage)?
No. It is not. There is sizable equity in it.
But being that it is overseas the bank overseas might sell it for close to the mortgage value and not for the market value.
As i mentioned in my question though, the equitable distribution is in dispute with my wife denying my joint ownership on it (complex story). Although the matrimonial action started two years ago, the financial trial is still a while off. The trustee is already rasing issues with my filing (she just got a six month extension) so I have to get the amendments right.
All real estate that the debtor has any interest in goes on Schedule A. Line 17 of Schedule B is for personal property only. (Since your ownership is in dispute, the Bankruptcy trustee can keep the case open until the dispute is resolved. Keeping a case open does not mean the discharge will be delayed, though.)
I think this is what you wanted to know. If not, please let me know.Thank you!
Yes - you can enter "unknown" in the "Current Value of Debtor's Interest". But the trustee will want to know the value - even though it is in the midst of a dispute - so you should enter the approximate value in the "Nature of Debtor's Interest in Property" section, along with an indication that your interest is "contingent" and why it is contingent, and also that the property is in foreclosure.
Also enter the balance of the mortgage in the "Amount of Secured Claim" section.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).