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Posted: Sat Mar 06, 2010 4:10 pm Post subject: Getting re-established

Due to the huge drop in the housing market my wife and I are upside own in our house and just unable to keep up with the mortgage. After consulting with an attorney, he advised us to declare chapter 7. Now we are worried about getting another home. If we have our son apply for a mortgage, can we be on the deed even if we are not on the mortgage and if so, how does that effect things like homesteading or senior tax breaks?

Niicss · Posted: Mon Mar 08, 2010 4:34 am Post subject:

You won't be able to get a mortgage immediately after filing bankruptcy. Your son, if he fulfills the required criteria, would be able to qualify for a loan. You can add your name to the property deed along with your son. If this is the only property that you own, then you may be able to get a homestead. As far as senior tax breaks are concerned, you should consult a tax adviser.

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Getting re-established