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blhiggins_2000 · Joined: 07 May 2007 Posts: 5 2.66 Dollars($)

Hi,
My estranged husband (I'm legally separated in Maryland) is planning to claim bankruptcy to include our marital property, although I have always solely paid the mortgage on time.
He lives in Virginia and has never lived in the property. How will his bankruptcy claim affect me and what can my mortgage company do to help me to remove his name?
I have contacted my lender's legal department via letter, but waiting for a response. Also, I will be hit with a pre-penalty if I refinance early.

Immediate advice would be greatly appreciated.

Thanks.

Guest

Blhiggins, which bankruptcy is he filing, chapter 13 or 7?

Guest

I believe my husband is filing chapter 7.

Samantha · Posted: Thu May 10, 2007 4:42 am Post subject: RE: Maryland bankruptcy exemption

Hi higgins,

Welcome to the forums.

In Maryland there is state exemption for those filing bankruptcy. As such, you may be able to keep your home in Maryland if there is no equity left out in your property. The equity will be equal to the value of your home minus the sale costs and the unpaid balance on liens against your home.

In case there isn't any equity in the property, it will not be possible to sell your home and hence the bankruptcy trustee may not take it away for the sale in order to pay off the creditors. However, you should carry on with your mortgage payments. This is because if you are not able to continue with the payments, the lender may foreclose the loan even if you have filed bankruptcy.

Hope this helps...

God bless you.

Samantha

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