Posted on: 01st Feb, 2010 01:25 pm
Hi, My Mom is considering filing a chaper 13 to save a house that is going to be foreclosed on. She currently owns another home outright. Are you allowed to own a home and file on another? She tried going through their loan modification program, but they wouldn't approve her and she doesn't want to lose this house that she has put so much money into.
Hi ccordova,
I don't think it will affect her bankruptcy if she has another home. Is there any mortgage the other home which she has? If she has a mortgage, she can simply keep making payments on that and her house will remain safe from foreclosure. As long as she qualifies the means test and does not have too much of secured and unsecured debts that exceed the allowable limit, she can file bankruptcy Chapter 13.
I don't think it will affect her bankruptcy if she has another home. Is there any mortgage the other home which she has? If she has a mortgage, she can simply keep making payments on that and her house will remain safe from foreclosure. As long as she qualifies the means test and does not have too much of secured and unsecured debts that exceed the allowable limit, she can file bankruptcy Chapter 13.
Thanks... I'm just wondering where I would go to find out if her home that she owns is worth too much. I know when we filed, we owned a vehicle that we had to pay the court some kind of fee to keep it because it was worth more then allowed. The house that she is trying to stop foreclosure on in behind on the payments. The one she owns is paid for. Thanks for your help.