I have a primary residence and 3 rentals. I wish to keep the primary and let the rentals go to foreclosure. I have had a drop in income as of 4/09. What can I do? I have just started not paying my 3 mortgages on my rentals(since April), and I'm current on my primary.
Income gross: $10,240/mo Income net(after taxes): $5,850
Primary residence: 1st loan balance $568,000, 2nd loan $171,000
Rental A: 1st loan $407,000 2nd loan $99,000
Rental B: 1st loan $429,000 2nd loan $93,000
Rental C: 1st loan $346,000 2nd loan $59,000
1. Does the definition of secured and unsecured debt apply to all 4 properties for chap 13? Or just the ones you wish to get rid of? Do I qualify based on this?
2. I have been told my income is too much for Chap 7. But I can qualify with the means test
. A lawyer told me I need to reduce my income and maybe get a car note (I own my car). Should I?
3. Advised not to short sell, b/c tax liens would disqualify me for chap 7. true?
4. What if I can't do either?