Posted on: 08th Nov, 2010 11:50 am
Good evening,
Before my wife and I were married, we bought a house with both our names on the title, but the financing is only under her name. PS I live in Florida over 5 years with house.
We are now married and I am filling out my Schedule A - Real Property form. Concerning my above statement, I entered that my Interest in the property was Legal and that this was a Joint ownership of the property. Is that correct? Also, under Current Value of Debtor's Property, do I enter the real market value of the home? And finally, under the Amount of Secured Claim, I am also not sure what to put here.
My biggest confusion is that the loan is under her name, the title is under both our names....how does the court see it?
Thank you so much!
Before my wife and I were married, we bought a house with both our names on the title, but the financing is only under her name. PS I live in Florida over 5 years with house.
We are now married and I am filling out my Schedule A - Real Property form. Concerning my above statement, I entered that my Interest in the property was Legal and that this was a Joint ownership of the property. Is that correct? Also, under Current Value of Debtor's Property, do I enter the real market value of the home? And finally, under the Amount of Secured Claim, I am also not sure what to put here.
My biggest confusion is that the loan is under her name, the title is under both our names....how does the court see it?
Thank you so much!
Hi kgb!
Welcome to forums!
Though you own the property jointly, I don't think the court will have any issues with that. You are correct to mention joint ownership of the property. You will have to mention the present property value in place of Current Value of Debtor's Property. As far as Amount of Secured Claim is concerned, you will have to mention the amount of mortgage you have on the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though you own the property jointly, I don't think the court will have any issues with that. You are correct to mention joint ownership of the property. You will have to mention the present property value in place of Current Value of Debtor's Property. As far as Amount of Secured Claim is concerned, you will have to mention the amount of mortgage you have on the property.
Feel free to ask if you've further queries.
Sussane