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Nanci

Asked about “Ask the Dolans: Dolans.com”

My daughter must file for bankruptcy, she has been ...

My daughter must file for bankruptcy, she has been out of work almost a year & half. her lawyer told her because her name is on our mtge, not on the deed, she must have an appraisal done on the house. Why if she is not on the deed and doen not own the house? She was helping with the mtge since I bacame disabled but since she is unemployed has not been helping for almost 2 years and does not have the extra money for an appraisal. Thanks for your help.

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money, finance, bankruptcy

Posted 2009-10-16T04:44:09Z
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El lion

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Human behavior reduces to common genetic needs!

Bankrupt Daughter:

Keep in mind I am not a lawyer although I worked 33 years on M&A, etc. with them. I am a CFO. Your lawyer is correct and it is too your advantage to get an appraisal which should be around $250. Remember that to be bankrupt is to have more legally recorded liabilities than assets. You are the owner of the house not her so this is not an asset to her but since she is on the mortgage it is a liability to her therefore it plays against all her other assets for bankruptcy purposes. You need an appraisal to determine independantly what the current ASSET value of the house is on the market which in turn will measure up against the mortage liability amount at the bank, etc. Theoretically she can be pursued by the mortgage lender for lack of payment along with yourselves. The bank would first sell the house, if you not her were to go into bankruptcy, apply the proceeds to what is owed to them, then go after you for the balance if any, and also to her. To determine her exposure to there claim, you must have a current value assessment.

El Lion

Posted 2009-10-16T10:58:22Z

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