Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
I'm filing due to a job that they did not pay me and a death in the family..In short..
My attorney says --it will delay my case untill it is completed because ? The trustee wants hard #'s. To figure my payments..
1. Current--$ 270,000 --Owe 385,000
2. " " --$ 395,000 to 4000,000 -- Owe $ 515,000
1) Which one is the rental property?
2) Does each property have only one mortgage? If not, what are the balances on each mortgage?
The rental--is $ 385,000 My parents rent from me. My mother just passed.
I am 4 months behind.. My dad will have to move out unless he wants to help out a little more. I've been making all there payments fro 12 years.
Both propertys have 2nd's on them . Approx my total debt. totals about 280,000 that includes sucured and unsecured ..
What are the balances of the 2 mortgages for the rental property?
What are the balances of the 2 mortgages for the residence?
Condo --$ 385,000 / 2nd. $ 25,000
My Res. $ 518,000 / 2nd. $ 125,000
Given the information you provided, you would be far better off filing a Chapter 13 Bankruptcy. This is because both second mortgages can be "crammed down". This means their balances can be discharged in your Chapter 13 Bankruptcy.
Additionally, the unsecured portion of the condo's first mortgage - $115,000 - can be discharged.
This is significantly better than what you could possibly expect from a modification.
I think this is what you wanted to know. If not, please let me know.Thank you.
Wow . I was told basicly that from my dad who is a retired bk attorney . But it's been a lot of years and things have changed. But after talking to my lien holder today she obviously has there intrest in hand.. And wants me to file the modification papers now.. I am meeting with my attorney this week and hopefully we will file by weeks end.. So I will concentrate on the fileing of my bk..
I have to go now I'm late for a appointment..
But before you leave, please don't forget to hit the "ACCEPT" button.