Foreclosure in 89123>Question Details

Islandgirlmia, Both Buyer and Seller in 89123

I have my house in a trust. Can the bank take the house in the case of personal bankruptcy?

Asked by Islandgirlmia, 89123 Thu Oct 14, 2010

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Hi Islandgirlmia,

You may want to call our office and see if they can answer your questions, after they know all the facts. It depends on if you have a mortgage, if you are going to continue making the payments, how long ago you transferred the property. Once you answer a few questions, I am positive our firm can lead you in the right direction. We can also give you a free 15 minute consultation over the phone. We practice in bankruptcy and real estate among other areas of law. We will be speaking at a short sellers seminar this evening on the differences between Bankruptcy, Foreclosure, Short Sale, Deficiency Judgments, etc if you are available. If so, feel free to give me a call or email me.

Just like a doctor or mechanic, we have to run a few tests and ask you a few more questions. :) Have a pleasant day!

Sandy Van
Attorney, Realtor
Keller Williams Marketplace I
Terri Robinson Team
Kung and Associates Law Firm
Law Office Number 382-0883
1 vote Thank Flag Link Thu Oct 14, 2010
You definitely need to speak with a bankruptcy attorney and maybe even your estate attorney. Every situation for each individual is different.
0 votes Thank Flag Link Wed Oct 27, 2010
I would recommend you consult with an attorney, they will definitely be able to answer all of your questions. Best wishes to you.
Web Reference:
0 votes Thank Flag Link Thu Oct 14, 2010
Yes.... they can try. Let's talk. I have an attorney in town we can talk too at no charge.
0 votes Thank Flag Link Thu Oct 14, 2010
For an accurate answer consider asking the question to your attorney--he/she can best advise.
0 votes Thank Flag Link Thu Oct 14, 2010
Dear IslandGirlMia...

You really should contact a bankruptcy attorney who knows all the ins and outs of this type of situation. Even just 30 to 60 minutes spent with a lawyer will give you a more clear picture of what you can expect.

Stephanie Clancy
The Cascade Team
Simply Outrageous Service! Not Outrageous Commissions!
0 votes Thank Flag Link Thu Oct 14, 2010
It sounds like the trust was established to protect the assets of the trustee and does it matter if the trust was created only to avoid personal responsibilty for the shortage in planning for a foreclosure? This goes into legal advice and lender rules fror handling the short amount.
0 votes Thank Flag Link Thu Oct 14, 2010
It will depend if you bought the house in the trust or if you bought it in your name, then on how long ago you transferred it into the trust. The other variables is it a chapter 7 or 13? In most cases if you are still living in the house, then your house can be an exemption and not be inlcuded in the bankruptcy.

you should ask all these questions to your bankruptcy attorney, if you are completing bankruptcy pro se (without an attorney) you may try asking your trustee but may need to meet with an attorney to help you save you house.

good luck with workling things out
0 votes Thank Flag Link Thu Oct 14, 2010
Are you the trustee?

Good Luck!

If you like the answer - please consider making it a "Best Answer" !

Gerard Dunn
Associate Broker
Licensed in Maryland, Virginia and Washington, D.C.

Assisting Homebuyer's and Seller's for 28 years
0 votes Thank Flag Link Thu Oct 14, 2010
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