Legal Question in Bankruptcy in California

Bankruptcy

Is there anyway to get your equity out if your house is worth 100,000.00 more than the forclosure amount and you have a homestead claim filed on the property?


Asked on 12/07/07, 12:45 am

1 Answer from Attorneys
Allen Farshi Law Offices of Allen Farshi

Re: Bankruptcy

Although wih your homestead the trustee is supposed to set aside for you funds paid in excess of the mortgage and tax leins, in practice in the soft market we are in the house is forclosed at the bid price which is generally the mortgage value effectively depriving you of your home equity.

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Answered on 12/07/07, 1:44 pm


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