House Has $30k or More in Equity
Surrendering the House to the Bank.
So, Bob and Sue decide to surrender their home to the bank. The very first thing we at Bankruptcy Experts Melbourne would do for them is get them to sign a legal document which is like a deed of release meaning they have voluntarily surrendered their house.
A Question of Caveats
Bob and Sue have owned a property for many years, have worked really hard and have $200,000 equity in their home. Their house is valued at $700,000 and they currently have about $500,000 on their mortgage.
Bob is a builder and has really been struggling since he hurt his back. He owes $150,000 in unpaid accounts to a particular hardware store who have been very patient with Bob and are aware of his situation.