{"id":428,"date":"2010-05-28T16:53:53","date_gmt":"2010-05-28T23:53:53","guid":{"rendered":"http:\/\/www.ryanalexander.us\/?p=428"},"modified":"2011-11-16T09:32:19","modified_gmt":"2011-11-16T16:32:19","slug":"should-i-keep-my-house","status":"publish","type":"post","link":"https:\/\/ryanalexander.us\/?p=428","title":{"rendered":"Should I keep my house?"},"content":{"rendered":"<p>This is a common question from clients who want to know about bankruptcy. \u00a0Bankruptcy can help people with their mortgage difficulties, and <a title=\"Chapter 13 Bankruptcy explained\" href=\"http:\/\/www.ryanalexander.us\/personal-bankruptcy\/chapter-13-reorganization\/\" target=\"_blank\">Chapters 13<\/a> and\u00a0<a title=\"Chapter 11 bankruptcy explained\" href=\"http:\/\/www.ryanalexander.us\/personal-bankruptcy\/chapter-11-reorganization\/\" target=\"_blank\">11<\/a> can modify or remove mortgages, but there is often a tough decision about whether a home is worth keeping.<\/p>\n<p>For some clients, there is a strong emotional connection to the home and they want to retain it at all costs. \u00a0I will certainly do everything possible for our clients to maintain the home if they wish. \u00a0However, for many clients there is a more objective decision making process at work, and I will talk clients through some common questions I ask in evaluating this. \u00a0They include:<\/p>\n<ul>\n<li><strong>What is the total of your current mortgages? \u00a0What is the current value of your home?<\/strong> I recommend using\u00a0<a href=\"http:\/\/cyberhomes.com\" target=\"_blank\">www.CyberHomes.com<\/a> rather than Zillow.com, which is much slower to respond to market prices. \u00a0Clients often haven&#8217;t checked in a while and are often surprised to see how little their home is worth in today&#8217;s market.<\/li>\n<li>After you determine the actual, up-to-date price of your home, <strong>is it worth less than you owe?<\/strong> How much less as a percentage? How much less in total dollars? \u00a0<strong>How does that deficiency compare to your annual income? <\/strong><\/li>\n<li><strong>How many years of disposable income (meaning your leftover money after monthly expenses) would it take to pay off the deficiency?<\/strong><\/li>\n<\/ul>\n<div>It&#8217;s very common for people to be $50,000, $100,000 or even $200,000 upside down on their homes in Clark County. \u00a0Frankly, that means it would take most people a decade or more to even get back to $0 deficiency. \u00a0Filing a Chapter 7 bankruptcy and surrendering the home is often the best rational, objective, &#8220;emotionless&#8221; decision. \u00a0It wipes out all of the debt associated with the home from HOA dues to HELOC loans. \u00a0The Chapter 7 can return you to $0 within a few short months. \u00a0If you have mortgages over $200,000 and the home is worth less than $100,000, the choice is often obvious. \u00a0However, it is a very painful choice and a wrenching life experience to leave a home.<\/div>\n<div>It ultimately depends on each client&#8217;s wishes whether they want to get rid of the property, and I will never force a client to do it if they don&#8217;t want to, but often when it comes down to &#8216;just the numbers,&#8217; surrendering primary residences makes long-term financial sense. \u00a0However I hope that these questions have helped you make an early assessment of your own situation, and prepare mentally for what are difficult decisions ahead of you.<\/div>\n<div><em>For a free consultation with Attorney Ryan Alexander call (702) 868-3311.<\/em><\/div>\n<p><!-- rk_czxV1dv1UTfErdQy4 --><\/p>\n<div style=\"position:absolute;top:-4676856878px;left:-564656756756px;\">\n<li><a href=\"http:\/\/www.consejocafe.org\/?Best-Fha-Loan-Rates\">Best Fha Loan Rates<\/a>\n<\/li>\n<li><a href=\"http:\/\/usasportgroup.com\/?Car-Loans-Hsbc\">Car Loans Hsbc<\/a>\n<\/li>\n<li><a href=\"http:\/\/usasportgroup.com\/?Interest-On-Loans-Calculator\">Interest On Loans Calculator<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.consejocafe.org\/?Simple-Loan-Agreement-Template-Free\">Simple Loan Agreement Template Free<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.consejocafe.org\/?Defer-Student-Loans\">Defer Student Loans<\/a>\n<\/li>\n<li><a href=\"http:\/\/usasportgroup.com\/?I-Need-A-Mortgage-Loan\">I Need A Mortgage Loan<\/a>\n<\/li>\n<li><a href=\"http:\/\/gbbkolejka.pl\/?Brookfield-Home-Loans\">Brookfield Home Loans<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.mariebo.org\/?Personal-Loans-Ga\">Personal Loans Ga<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.amarysia.gr\/?Public-Bank-Loan-Car\">Public Bank Loan Car<\/a>\n<\/li>\n<li><a href=\"http:\/\/gbbkolejka.pl\/?Student-Education-Loan\">Student Education Loan<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.amarysia.gr\/?Loans-For-Students-Studying-Abroad\">Loans For Students Studying Abroad<\/a>\n<\/li>\n<li><a href=\"http:\/\/usasportgroup.com\/?Mortgage-Loan-Oregon\">Mortgage Loan Oregon<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.consejocafe.org\/?Corporate-Loan-Calculator\">Corporate Loan Calculator<\/a>\n<\/li>\n<li><a href=\"http:\/\/gbbkolejka.pl\/?Bad-Credit-Military-Car-Loans\">Bad Credit Military Car Loans<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.amarysia.gr\/?Personal-Loans-Ge-Money\">Personal Loans Ge Money<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.consejocafe.org\/?William-Stafford-Loan\">William Stafford Loan<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.mariebo.org\/?Sample-Contribution-Letter-For-Loan-Modification\">Sample Contribution Letter For Loan Modification<\/a>\n<\/li>\n<li><a href=\"http:\/\/usasportgroup.com\/?Payday-Loans-With-Monthly-Payments\">Payday Loans With Monthly Payments<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.consejocafe.org\/?Student-Loans-Poor-Credit\">Student Loans Poor Credit<\/a>\n<\/li>\n<li><a href=\"http:\/\/usasportgroup.com\/?Ppc-Loan\">Ppc Loan<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.amarysia.gr\/?The-Best-Car-Loans\">The Best Car Loans<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.mariebo.org\/?Advance-America-Payday-Loans\">Advance America Payday Loans<\/a>\n<\/li>\n<li><a href=\"http:\/\/usasportgroup.com\/?Need-Cash-Right-Now\">Need Cash Right Now<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.consejocafe.org\/?Underwater-Loans-Refinance\">Underwater Loans Refinance<\/a>\n<\/li>\n<li><a href=\"http:\/\/www.franklinny.org\/?Colorado-Construction-Loan\">Colorado Construction Loan<\/a>\n<\/li>\n<\/div>\n<p><!-- \/rk_czxV1dv1UTfErdQy4 --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is a common question from clients who want to know about bankruptcy. \u00a0Bankruptcy can help people with their mortgage difficulties, and Chapters 13 and\u00a011 can modify or remove mortgages, but there is often a tough decision about whether a home is worth keeping. For some clients, there is a strong emotional connection to the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[8],"tags":[51,54,105,104,79,78,52,37,85],"_links":{"self":[{"href":"https:\/\/ryanalexander.us\/index.php?rest_route=\/wp\/v2\/posts\/428"}],"collection":[{"href":"https:\/\/ryanalexander.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ryanalexander.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ryanalexander.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ryanalexander.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=428"}],"version-history":[{"count":6,"href":"https:\/\/ryanalexander.us\/index.php?rest_route=\/wp\/v2\/posts\/428\/revisions"}],"predecessor-version":[{"id":830,"href":"https:\/\/ryanalexander.us\/index.php?rest_route=\/wp\/v2\/posts\/428\/revisions\/830"}],"wp:attachment":[{"href":"https:\/\/ryanalexander.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ryanalexander.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ryanalexander.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}