If you wish to keep your home and are up to date in paying your mortgage you will be able to file for Chapter 7 Bankruptcy. If you wish to file a Chapter 7 Bankruptcy the amount of equity you are allowed in New York varies by county.
If you live in New York, Queens, Kings, Richmond, Bronx, Nassau, Suffolk, Westchester, Rockland, or Putnam county, you are allowed 0,000 in equity. If you live in Dutchess, Columbia, Ulster, Orange, Saratoga, or Albany county you are allowed 5,000 in equity. If you live in a county in New York state not listed above, you are allowed ,000 in equity.
If you are filing a joint Chapter 7 Bankruptcy with your spouse you may double the amount of equity if both of your names are on the deed.
If you are behind in your mortgage and want to keep your home a Chapter 13 Bankruptcy may be the right answer. You will be allowed between three and five years to catch up on your mortgage. However, as you make your payments, you will also need to make your regular mortgage payments on time.
If you have a second mortgage and want to eliminate it, it must be totally unsecured. Which means that the money you owe on your first mortgage must exceed the appraised value of your home. If this is the case you may only need to pay a fraction of the second mortgage over a period of three to five years. This is called mortgage stripping.
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