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#1
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Non Exempt equityWhat is the name of your state? Florida I have an investment property with 100k in equity and a mortgage of 540k. Can I reaffirm this debt and keep this property in a chapter 7. If not, is there a way for me to reaffirm the 540k mortage and an additional 100k in debt to offset this equity in order to keep the property. Are there other ways to keep this property and file chapter 7 such as forebearance? |
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#2
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| I am almost positive that under FL BK law, there is unlimited homestead exemption, so yeah, you can reaffirm and keep the property, if this is true. Any BK lawyer in FL should be able to answer that quickly and for free on the phone. We are filing BK in FL also, and have quite a bit of equity also, it was all exempt, we were able to reaffirm. |
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#3
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| The property in question is not my primary residence. It is an investment property. Homestead exemption does not apply to rental property. |
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#4
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| If you've got that kind of an investment property that's mortgaged for half a million $$, there's no way you're going to be able to keep that. The Trustee will grab that so fast your head will spin.
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
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