Attorney says easy way out of Defrauded Home settlement is Bankruptcy

What is the name of your state? va
Okay, I posted an easement violation a few weeks ago. Our home we bought on Jan. 16 th, was suppose to be 2.74 acres, We settled on the home without a current survey, or our own lawyer. DUMB of us**************THe lot is only 1.88 acres and the home is sitting 2.5 feet in a public utility and drainage easement. The attorney contacted Planning and zoning in our county and found out that the home must be moved. Of course he posed this as a hypothetical question to planning and zoning. We are okay unless PLanning and zoning find out. At this moment. We don't have a back yard.

Since then our realestate Attorney had come up with evidence of fraud in the Settlement.

Well the Title Co has left Town, The Appraiser is unknown, THe seller has also left town. Our Mortgage Co Person will not return my phone calls nor my attorney's attempts to contact her. Since this has left us with not much else to do then to sic the comonwealth attorney on them.

So the attorneys Suggestion is since we only have 5% equity in the home to not make any more payments, file bankruptcy and claim a home stead exemption, and find us another home.

HOw would this work in being able to buy a new home with a new mortgage?

Could we keep what assets we have such as furniture, clothing, car and truck, as well as what money we have in the bank?

Would banks look at this bankruptcy and make us pay higher interest rates. Because we would be a greater risk to another bank?

I still owe one year on my car , would my car loan bank make me pay my loan up now? I have never missed a payment in 5 years.

Let me know your thoughts on this. Thanks

[HomeGuru]

[quote]Originally posted by Va mess
[b]What is the name of your state? va
Okay, I posted an easement violation a few weeks ago. Our home we bought on Jan. 16 th, was suppose to be 2.74 acres, We settled on the home without a current survey, or our own lawyer. DUMB of us**************THe lot is only 1.88 acres and the home is sitting 2.5 feet in a public utility and drainage easement. The attorney contacted Planning and zoning in our county and found out that the home must be moved. Of course he posed this as a hypothetical question to planning and zoning. We are okay unless PLanning and zoning find out. At this moment. We don't have a back yard.

Since then our realestate Attorney had come up with evidence of fraud in the Settlement.

Well the Title Co has left Town, The Appraiser is unknown, THe seller has also left town. Our Mortgage Co Person will not return my phone calls nor my attorney's attempts to contact her. Since this has left us with not much else to do then to sic the comonwealth attorney on them.

So the attorneys Suggestion is since we only have 5% equity in the home to not make any more payments, file bankruptcy and claim a home stead exemption, and find us another home.

HOw would this work in being able to buy a new home with a new mortgage?

**A: talk to a mortgage broker. Put yourself in the lender's position. would you loan a large amount of money for 15-30 years to someone that filed BK?
********

Could we keep what assets we have such as furniture, clothing, car and truck, as well as what money we have in the bank?

**A: it depends on the value, amounts and exemptions
*******

Would banks look at this bankruptcy and make us pay higher interest rates. Because we would be a greater risk to another bank?

**A: of course.
********

I still owe one year on my car , would my car loan bank make me pay my loan up now? I have never missed a payment in 5 years.

**A: most likely not.
*****
Let me know your thoughts on this. Thanks

**A: consult with a BK attorney.

I appreciate your Thoughts in this.


What is a homestead exemption anyway?


We will Be talking to a Lawyer Monday that specializes in bankruptcy and real estate both. But just to answer some of my questions so I don't have to wonder over the weekend>

I am the biggest worry wart!!!!