Posts Tagged ‘Equity in home’
The Milwaukee Journal Sentinel is reporting this morning that the number of new foreclosure cases in Milwaukee dropped 8% in June compared to foreclosure filings in June 2010. The article went on to say that monthly totals remain at elevated levels for the area, as high unemployment and a week housing market continue to take a toll.
In a response to these foreclosure filings the bankruptcy court for the Eastern District of Wisconsin has initiated a mortgage mediation program. This program helps people overcome large arrearages on mortgages so that they are able to stay in their homes. Call me anytime at 414-277-7742 for further information on this opportunity to save your home.
http://www.millermillerlaw.com
Filing for bankruptcy and losing your home do not have to go hand in hand.
If there is no equity in the property, you will likely be able to keep it, as long as you continue to pay your mortgage. However, keep in mind that if you don’t pay, the lender retains the right to foreclose.
If there is equity in the property, a bankruptcy attorney can usually help you protect that equity by using exemptions that keep the property safe from your creditors and the bankruptcy trustee. If the equity in your home is all exempt, you will be able to keep the property as long as you continue to pay your mortgage.
Make your payments and everyone involved will be happy. Your bank doesn’t want your house, it wants you to make mortgage payments on time.
Will I lose all of my property in bankruptcy? No, the bankruptcy laws are designed to allow a fresh start. A fresh start would be impossible if one was to lose all of their property in bankruptcy. The fact is that most people do not lose anything in their bankrutpcy. In Wisconsin you are allowed to keep most personal and household property, equity in your home up to $75,000 for a single person or $150,000 for a married couple, most equity in a car, most retirement plans, and many tools of the trade.