Bankruptcy AND keep home?
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| Mon, 05-05-2008 - 8:06pm |
I keep hearing two different things so thought I'd ask here.
Is it possible to file for bankruptcy and keep your home if you owe on it?
I have lived in my home since I was 10 yrs old and now 43 and share it with my 80yr old mother. Home was paid off right after my father passed away in 94 and then our ignorance got us into trouble. We needed a new roof and wanted to get some painting done, so went to the bank to ask for a $25,000 loan. I don't know how, but the bank manager got us approved for $80,000 and we've been going downhill from there! Our own fault totally, but just wish we hadn't been so ignorant to how it all worked or what we were getting ourselves into. We were recently told while trying to get a line of credit on the equity that where we were $250,000 clear of the value, we now owe more then the home is worth. I am self employed and working as many hours a day as possible, but still able to work out of my home so as not to leave her alone. I am looking for options to help make life a bit easier to face ... mostly for her sake. We aren't behind in anything, but again, would like to know if we have options.
Thanks.

Hi and I just wanted to welcome you to the board.
Thanks so much! This is the first place I found so posted while I still had the courage LOL.
I'll check out the other board.
Thanks again!
I would definitely post on the other board but if I understand you correctly, you are asking if you can file bankruptcy on the mortgage and still keep the house?