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Recent Equity questions
I might have to file Chapter 7,in Illinois. I own a
I might have to file for Bankrupcy Chapter 7,in Illinois.I own a property/condominium.The Exempt Equity in IL is $15000.If I have any equity remaining(after deduction of $15000 Exempt Equity),can I just ask the trustee that I can borrow money from family and friends,and pay the Equity amount,so that I can keep my home?Will they give me priority in paying,or they would just foreclose and sell it?
Regarding my previous question: Would it be possible to
Regarding my previous question:Would it be possible for me to transfer 100% my property to my husband(or somebody else),and then file BK by myself?Would the property be protected this way from BK 7?Or the Bankruptcy Court would Object to this,as its done only to protect my property equity?
An objection to my Chapter 11 plan came in 3 weeks after
An objection to my Chapter 11 plan came in 3 weeks after votes were due, from my main creditor. Obviously, they didn't vote. I'm trying to predict the outcome if I were to ignore this instead of accepting the high interest they demand, or stipulating to raise the interest rate by any amount. I would ignore it on the basis of its lateness; possibly because of invalid arguments. It would be a risk; my lawyer says the judge will consider it, even though it's late:"The judge will give the opposition some weight, even if it was untimely."(What are rules for? My lawyer always wants me to roll over. I have to fight to be fought for.)The lender doesn't mind being bifurcated and they don't dispute the stipulated value. They accept that the secured portion would be my entire loan amount. I asked for 3.75% interest. They want 6.5% and point to the bk code to justify that.My concerns: At 6.5% the payment would rise by $1000. It' higher than the rate I wanted to modify. The balance is $39K more than the balance when I started this loan mod thing in 2009. (But far less than balance and arrears combined.) The plan I proposed is very tight. I couldn't pay another $1000 even if I wanted to. The loan mod I was working on for 6.5 years would have been 2% in year one, rising to 3.5% over 5 years, but probably wouldn't have disposed of the portion of the debt above the property value; it would have been in forbearance.Question 1:The relevant part of the objection and the code they cite accompany this question. I don't see any connection between the two. Is there one?Now, the judge. She's been more than decent so far. She is asked to consider me a flake and confirm with a higher interest rate than the one in my plan. Will she?I don't know about her, but I don't buy the argument that I am high risk because I am a Chapter 11 debtor. I wouldn't be doing this if I weren't serious. This is my only problem loan; I didn't feel like giving away the $300K I had in this building; the former servicer was about to foreclose after improperly denying a HAMP. They denied it because they did the math wrong, and also failed to notify me or my lawyer, which meant I lost the chance to appeal... that is to say, extenuating circumstances. The judge cannot know that because my lawyer does not want to say it.This creditor acquired the loan, not just the servicing, right after the prior servicer had done their appraisal this spring. The servicer asked for two extensions for that--almost a month--so for this debt, this is the third extension they expect. In case that matters.Further, this lender has the collateral if I default. Their predecessor's appraiser brought it in $60K higher than the stipulated value we reached, and $60K above my appraiser's value. If they trust the appraisal they inherited, then there's some equity to make up for their low opinion of my reliability. (Big range).The lender says they want a higher rate because I'm likely to default. A higher rate would increase the odds of anyone defaulting. If the goal is to get the balance repaid, the odds are better at 3.75% than 6.5%. If the goal is to maximize profits, then it's a toss up. I'd re-fi out of this the second I could, if rates were low.Question 2Given all of the above, and the argument (attached) can you hazard a guess about how the judge would lean--confirm the plan I had, versus increase the interest rate for this late objection?
Back in 2009 we filed Ch 13. We have now completed that Ch
Good morning, Back in 2009 we filed Ch 13. We have now completed that Ch 13 plan. During this process, we had a 2 mortgage that we didn't pay on since the filing, then the CU got bought out by another bank at which time they wrote the 2nd loan off as a bad debt. They still have a lien on our property. back in May of 2014 we threw them a 5000.00 settlement offer. The balance is 62,000. They declined. We are going to try again to get that lien released on our home.Is there a statute of limitations where they can't collect anymore or what offer do you think we should throw out to them? Not sure how to go about this. it's been sitting at a attorneys office for years now with no communication.Thank you
My home was discharged in my chapter 7 back in May of 2013.
My home was discharged in my chapter 7 back in May of 2013. I did not reaffirm the loan. I sense then have remained current on mortgage payments and remain in the home. I would like to buy a new house and was wondering if it would be possible to sell my current home without any issues because it was discharged? Or would i have to contact the mortgage company? I have quite a bit of equity and worry that the lender might stop accepting my payments and foreclose on the property to sell for a profit. Thanks in advance.
I have to file Bankruptcy Chapter 7. My only concern is to
I have to file Bankruptcy Chapter 7.My only concern is to keep my condo.My mortgage balance is 65K.A very very similar unit sold in my building with 95K(closing was last week).But it was a foreclosure.Still,its been on the market for a long time...In IL ,there is a $15000 exemption,so 65K+15K=80K,which would leave an Equity of about 95K(if this would be the Appraised value)-80k=15K.I am willing to borrow from family and friends,the 15K and give to the Trustee,for keeping my home.I heard that a Bk Trustee would look on Zillow to determine equity.Or would they hire an APPRAISER?If they look on zillow,then my home is overpriced,since zillow does not take into consideration foreclosure sales.In case the Bk Trustee estimate a value that I think is too high,can I hire an Appraiser and give the Appraisal report to my Bk lawyer to show the trustee?What should I do?
My ex-husband is in Colorado and is filing chapter 7
My ex-husband is in Colorado and is filing chapter 7 bankruptcy. This is after he filed a chapter 13 bankruptcy 10 years agoHe has his own truck that I am not signed on and the payment is 490 a monthMy ex-husband and I have a vehicle together, he is primary I am co-signer.The vehicle is in my possession and I make the payments.He is claiming chapter 7 bankruptcy in Colorado, I am not.What will happen to the vehicle that is in both our names?Will this affect my credit?What is best to do with the vehicle keep it or get rid of it?If i don't want the vehicle can he include it in the bankruptcy?
I need to clear a title before closing. Customer BK
I need to clear a title before closing.Customer BK dischargedyears ago,however it remains TWO item from the BK. that's a lease that is in the discharged BKAnd another item that popped in dated 1999, this creditor is not around anymore, no updated address .How do I proceed to get each one removed from the title?Thanks again
Chapter 13 bankruptcy, I have 10% title interest in each ofView more bankruptcy law questions
HelloFor a chapter 13 bankruptcy, I have 10% title interest in each of 3 single family homes. I am not on any of the loans just only my mother is. To calculate if I am not over the chapter 13's 1.1 million dollars rule for assets , do I add up my interests in all of the properties or do I add up the loan amounts on each property of which I am not on? Thanks