Legal Question in Wills and Trusts in Nevada

My father-in-law is terminally ill. We just discovered this & are in the process of getting his estate in order. He has a home that is upside-down in value,(worth about $140,000) with an approximately $200,000 mortgage, as well as an equity line of credit (that might be included in the amount of the mortgage). There is also a balloon payment that will be due in 2012 (unsure of the amt. due). Alhough this home is a liablity, it holds tremendous sentemental value to us. As for our financial state, we are behind on our house payments (3 months, which we will be able to make-up soon, or we can let the house go so we can pay for my father-in-law's home). Nonetheless, our credit is shot & there's no way we will be able to refinance because of our credit, plus the fact that the house in question is upside-down. Any advice would be appreciated.


Asked on 1/21/11, 12:27 pm

1 Answer from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

You can have him deed you the house and then you can put it in bankruptcy, if you are willing to file. There may also be able to save it through litigation as some of the judges are not allowing certain lenders to do foreclosures based upon their shotty paperwork.

I would charge you Five thousand dollars to file the lawsuit and if you wanted a chapter 13 bankruptcy, I would charge you fifteen hundred upfront and take the rest of the fee through a chapter 13 plan. Any liability that you have for your house would be forgiven if you complete your bankruptcy since it sounds like you plan to live in your father in law's house.

You can email me for an appointment at [email protected]

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Answered on 1/26/11, 3:22 pm


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