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I continue to struggle with the math for a foreclosure after…

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Hi Justin - I continue...
Hi Justin - I continue to struggle with the math for a foreclosure after bankruptcy - I am behind on my mortgage and HELOC payments and after bankruptcy will face strict foreclosure. Assuming costs of sale and 1st mortgage get paid first from the proceeds, what gets paid next out of the remaining proceeds - the HELOC and lien? or my homestead exemption?
Assume Sale Price: $539,000
Costs of sale (8%) $ 43,120 Then $495,880 remaining
1st Mortgage $454,000 Then $ 41,880 remaining
HELOC $ 61,550 -$19,670
Lein $ 10,000 (nothing available)
Homestead exemption $0 (nothing available)
OR is the homestead exemption applied before the HELOC and Lien?:
Homestead $ 41,880 ($0 remaining for HELOC and Lien)If the HELOC gets paid first, should I surrender the home in bankruptcy, which would discharge the HELOC and lien and protect me from deficiency judgments?
Thanks for your continued help!
Linda
Submitted: 7 months ago.Category: Bankruptcy Law
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12/13/2017
Bankruptcy Lawyer: Terry L., Attorney replied 7 months ago
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,961
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I see that you have asked this question twice. let me know if you have any other questions. thanks

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