February 13th, 2008 by Questions

I was wondering how the equity on my house would be calcultated.
Here are some details:

The value of the property: $340,000.00
Remaining mortgage: $312,261.43.
Term remaining on the mortgage: 3 years 3 months
The outstanding property taxes: $5,000.00

I really appreciate it if could please let me know the approximate equity on the house based on the above information and how it was calculated.

Thank You,


One Response to “Bankruptcy”

, A licensed trustee said:

There are many different ways to determine your equity depending in part on regional practcies.

One end of teh range is to simply deduct your mortgage: $340 – $312 = equity of $28K.

The most detailed takes into account all of the possible closing costs, realtors, lawyers, etc…

$340 – $312 – $5 (tax) – $17 (realtor) – $2 (lawyers) – ??? = $4k equity

You need to discuss this with your trustee before you file for bankruptcy or a proposal.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)