Posted on: 01st Aug, 2010 11:12 am
my atty. is filing bankruptcy told me to stop paying bills, as i had no job and was borrowing to keep afloat. i put my home on the market for under assessed value. should i still be paying my mortgage until he files? atty said in wi i can only keep $22,000 of the profit from the sale anyway. it is on market for $189,900.00 and i owe $150,000. what is the truth?
Hi jeidyvmjoj,
As you're filing bankruptcy and cannot pay the mortgage dues any longer, you can stop the payments for the time being rather than borrowing. As far as I know, in Wisconsin, if a property that is collateral for a purchase-money loan, then it is not protected by exemptions from repossession actions by that lender.
Thanks
As you're filing bankruptcy and cannot pay the mortgage dues any longer, you can stop the payments for the time being rather than borrowing. As far as I know, in Wisconsin, if a property that is collateral for a purchase-money loan, then it is not protected by exemptions from repossession actions by that lender.
Thanks