Bankruptcy And Mortgages Michigan
How equity in the house I bought from HUD? Its worth $ 80,000. We pay $ 1,000?
valued at $ 80,000 Loan $ 40,000 total was full asking price, as it was the foreclosure of HUD. We have made three mortgage payments totaling $ 1,000 for what we have in net worth $ 40,000, or $ 1,000? I ask because we think the bankruptcy and only $ 7,000 equity firm is exempt from Michigan for a married couple filing jointly
I suppose you're a "good neighbor" neighbors of HUD home because you said it assessed for $ 80k and your loan is $ 40k. If you lived in this house three years, while the capital you would be the difference between what is true today (how much you can sell it) and your loan balance of approximately $ 39k. The $ 40K (HUD not to charge) is "forgiven" for the third time after having lived there 12 months, 24 months and 36 months later. Since you have made three payments to date none of the "other" $ 40K is forgiven, and you have only about fifty dollars equity at this time – if you sell the house now, you should have to repay loans totaling approximately $ 79.950.
Flint, Michigan and the bankruptcy of GM
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