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My husband and I have filed for Chap 13 Bankruptcy. We have

My husband and I have...
My husband and I have filed for Chap 13 Bankruptcy. We have two upside down mortgages. One of the homes we have included in the bankruptcy and it is in the foreclosure process. We are considering including our second home, which is also upside down, in the bankruptcy. We can afford to keep the house but realize we will never achieve any financial benefit from staying in this home. We are thinking of wiping the slate clean, dumping both properties and starting over. What kind of questions should I be asking myself to make a well planned decision.
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Answered in 14 minutes by:
2/8/2011
Taxtom
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2,364
Experience: 25 Years in preparing Personal and Business Tax Retuns
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Taxtom :

Hello, The main questions are if you don't live in this house where will you live and what will it cost you to live somewhere else.Unless you got in the house on an extrmly high end of the up market housing values will come back and your house will start to appreciate in value. Also if you prefer living in a home you own you may be restricted in what you can buy and the interest you would have to pay when you try to buy a home after the bankruptcy. If your decide the keep the house and you tried to get a loan modification then in some cases the judge can actally change the terms of the loan. There are specific legal rules for this change of term so please ask your bankruptcy attorney to explain your options. Thanks Tom

Taxtom :

Hello?

JACUSTOMER-hbmjk81w- :

We would likely rent and at my age, 58 I'll probably never own another home for the reasons you mention. We bought the house at $410K, owe $398K at 6.5%, 30 yrs no second mortgages on the home. I wasn't aware that my attorney could possibly help with a loan mod. I will ask him. My husband and I are both employed with well paying jobs. We almost didn't qualified for chap 13 bankruptcy. I wonder if I would be saving money to dump the house I'm in now.

Taxtom :

What would the cost to rent in your area?

JACUSTOMER-hbmjk81w- :

It's a rent vs buy consideration. Rent would be approximately $2300-$2600 for the kind of home we would want to live in.

Taxtom :

I calculated your payment at $2534 plus taxes and interest. So your housing cost are close so it comes down to the simple question do you like where you live and do you want to move. Once the bankruptcy is done it should be much easier to meet your bills. Tom

JACUSTOMER-hbmjk81w- :

Thats what I was thinking. Theres a slim margin between rent or buy. We like the house. It will need upgrading because it's a cosmetic fixer. The reason I chose this house is because it's 4 br 3 full baths and 2400 sq ft. 50 yo and 50 yo upkeep. I will ask the attorney if we have options for loan mod or anything else. I think it may be best to stay here and I can amortize my loan. That would mean I can pay it off in 10 yrs for a payment of $4500 a month and we could afford it. Would it be worth it?

Taxtom :

Hello, Yes I think it would, your area of the country has been hit hard but historically real estate values in your area grower faster than almost anywhere else in the country. In 10 years you would be in a good position and your house should appreciate and be a good asset to own in the future. Thanks Tom

JACUSTOMER-hbmjk81w- :

You have answered my questions and also given me some things to think about.

JACUSTOMER-hbmjk81w- :

Thanks Taxtom!

Taxtom :

Thank You and good luck

Taxtom
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2,364
Experience: 25 Years in preparing Personal and Business Tax Retuns
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