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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am asking a Real Estate Bankruptcy Expert or Attorney what

Resolved Question:

I am asking a Real Estate Bankruptcy Expert or Attorney what my risks are per below:I may be pushed into a S. Carolina Ch. 7 bankruptcy with a home and rental property.
I own a rental Condo in VA. Market value is $30,000+ above the mortgage of $140,000.
I will not renew the current rental contract on Jul 1. I want to turn the deed and keys
over to the band on Jul 1 or so. I’m afraid the Bank won’t just accept the deed as in full.I am retired having no work in several years. I am on Social Security. I own a Condo Home in SC - Market value =$52,000. There is no mortgage. SC Ch. 7 exempts $+56,000 on your home.
I paid cash for my SC Condo using proceeds from the sale of my NC home. If the Bank wants money beyond the deed are my SC home or other assets still exempt and protected if in an SC Ch. 7.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 1 year ago.
Hi - my name is ***** ***** I'm a Bankruptcy and Real Estate attorney here to assist you.
Have you lived in South Carolina continuously for the past 2 years? If not, where have you lived for the past 2 1/2 years?
Customer: replied 1 year ago.
I've lived in SC continuosly since 7/1/2010
Expert:  cfortunato replied 1 year ago.
Thank you for your response.
Your homestead is protected up to $53,375 ($106,750 if more than one owner)- whether or not you file a Bankruptcy.
This means the mortgage company for your VA property cannot attach your SC condo.
If you have other assets that are non-exempt, the mortgage company may be able to attach those, but so would the Bankruptcy court.
Customer: replied 1 year ago.
Thanks for protection note - in or out of bankruptcy. I don't think I have any assets or income that are not protected. But the Bank may try to find that by putting me into bankruptcy. I will try to find an agent to do sale before 7/1/2013. But there have been few sales in recent years even though the Condo is at the Beach in Virginia Beach.
Expert:  cfortunato replied 1 year ago.
You're welcome!
Yes - it would probably be best to try to sell the property instead of signing the deed over to the bank. Perhaps you will be more successful if you reduce the price closer to the balance on the mortgage (if you have not already done so).
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
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