House and bankruptcy

I own a house. I just spoke to a Real Estate Agent and he told me it is worth between $45,000 and $50,000.

My current mortgage is about $25,000. Is it better to keep the house or turn it over to my trustee? My debts are $35,000 not including the mortgage.

Posted on Friday, September 12, 2008 | Filed under: Bankruptcy
 posted by Questions @ 8:16 am 1 Comment
1 Expert Comment:

 At September 30, 2008 | 7:20 am , Barton Goth, Trustee in Bankruptcy Said...

This is really going to be a function of affordability. Can you afford to stay in the house. From the sounds of it I would guess it is fairly inexpensive in comparison to rental rates being charged around our city.

The other consideration will become your mortgage company. Are you currently up to date on your mortgage payments. If so you mortgage lender will have no problem with you continuing to pay your mortgage and if not you may have a slight issue with forclosure.

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