Question Asked...
I spoke with a trustee today about my spouse filing bankruptcy. I was under the impression that when figuring out the equity value in our home that you subtract the real estate fee`s, lawyer fee`s, and interest penalties. The trustee told me that if I am planning on keeping the home that you cant subtract those fee`s. Is this true?
Posted from: Ontario
I’ve posted a couple fo fairly specific blogs about the home equity calculation on the internet – go look for them.
Basically, the current state of the law requires your trustee to negotiate a settlement for the equity in your home. People unfamiliar with the law end up paying more than those that know about things like real estate commissions, legal fees, and other closing costs. The more you know about the process the lower the figure you should be able to negotiate.
In my opinion, the current state of the law is unfair – it means two different people might pay two different amounts based on how knowledgeable they are…
If your trustee won’t budge then call another trustee…