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Re: What to do about chargeoffs/lawsuits
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Posted by Sam
on November 30, 2001 at 18:16:03:
In Reply to: Re: What to do about chargeoffs/lawsuits posted by JJ on November 29, 2001 at 21:37:47:
My understanding is that with any bankruptcy, you only get to keep your house if you have less than 25K equity. And, you only get to keep a small amount of your other assets. In my case, there is a lot tied up in both, and I could not do what I do without the assets. And, because my credit rating is so bad, there is no way that I can get a home equity loan. If I thought I could get a new mortgage, I would have done that a long time ago, and paid these problems off. But, my assets are totally locked up in my home and other assets. But, as I read the rules, a bankruptcy is out of the question. I suppose the worst case scenario is that they get their judgement and then put a lien on my house. Then, when I eventually are in a financial position where I can get a new mortgage, and move, they will get their money. But, of course, with the liens, it might be virtually impossible to get another mortgage, even if the mortgage was only for 25 to 50% of the value of the new home. (I suspect there is a point where there is so much equity that you can get a mortgage, especially a no-doc mortgage, no matter how bad your credit rating is, but I don't know what that point is.) In the extreme, they would have to wait until my current mortgage is totally paid and I can buy a new house with cash, which will be a VERY LONG TIME.
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