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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I purchased a home in new york in 2002. I transfered the property

Customer Question

I purchased a home in new york in 2002. I transfered the property to my cousins name but kept the mortgage in my name. I had the house in my name from 2002 till 2007 I transfered it to his name becouse I had a large judgement filed against me in a arbitration case. I have since transfered the house back to my name. How long does the house have to be in my name before I can declare chap. 7 bankrupcy and hold on to my 50,000 exemption
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
is their any equity in the home?
Customer: replied 7 years ago.

there is 350,ooo owed on home and it was appraised for 440,000.

Customer: replied 7 years ago.

I had applied for a loan modification but it did not help my situation so as of dec. 2009 I have stopped paying my morgtgage. So my intent is to stay in home as long as possable and then file a chap. 7. I am trying to find how long the home has to be in my name , even though the mortgage remained in my name and I never moved out of the home and no money was ever exchanged on the transfer.I am married but my wife is not nor ever has been on the title.


Thank You,



Customer: replied 7 years ago.

Have you any information regarding my situation as of yet?

Expert:  WALLSTREETESQ replied 7 years ago.
the trustee will know about the property regardless of any deed transfers if the mortgage remained in your name, if you want to delay a sale consider a chapter 13 filing, to stop a sale and then convert to a chapter 7. a chapter 13 lets you keep your home if you can pay your current monthly payment and forces the bank to allow you to pay the back payments over 60 months.