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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12249
Experience:  JD, MBA
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Hi. we have about $60,000.00 in credit card debit and we owe

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Hi. we have about $60,000.00 in credit card debit and we owe $175,000.00 on our home that is worth about $125,000.00. I become disabled in may of 2008 and I was recently been aproved for Social Security Disability that will start this month. My wife works and makes about $31,000.00 per year. We stop making payments on our credit cards about 4 to 5 months ago. I no bankruptcy is our only option at this time. My question to you is it possible to keep our home. We haven't missed a payment yet. My income from ssi will be $1514.00 per month
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 8 years ago.

Hello and thank you for allowing me the opportunity to assist you.

Question: “My question to you is it possible to keep our home. We haven't missed a payment yet.”

Answer: Yes, based on the facts you shared, you should be able to keep your home. The reason is two-fold: (1) You have negative equity in the home, and (2) You haven’t missed any mortgage payments.

The reason the first factor is important is because there is no reason for the creditor card companies to go after your house since there is no equity. In other words, if they put a lien on your house and foreclosed, the mortgage lender would get paid first and the credit card companies would get anything left over…but in your case there would be nothing left over. So the credit card companies won’t bother to go after your house.

The second factor is important because in order to keep your house, you always have to pay your mortgage, even if you file for bankruptcy protection. Since you have always been current on your mortgage, and assuming you continue to do so, there is no reason for the mortgage company to foreclose.

So, I'm happy to say that based on what you shared, your house should be safe.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

If the information that I provided was helpful, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!


DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.

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