Second home problem--long story

While building my current home, I was trying to sell my old house. It did not sell and I could not afford two mortgage payments. I heard about an investor who would make my payments and find a "rent to own" buyer and charge them more than my payments and he would keep the difference. I agreed to do this and in December 2006, we signed a lease with option to buy with this investor. The contract stated that he would not pay over $825.00 per month, and that if my mortgage payment went up then I would be responsbible for the difference. The problem comes in now two years later when my property taxes tripled due to the fact that it's no longer owner occupied. (In my county of South Carolina, the owner is taxed at 4% and non owner occupied real estate is taxed at 6%) This has caused my taxes to triple and since taxes and insurance on the old house is escrowed in with my payment. It has caused that payment to sky-rocket. To add to this misery, the investor has transferred his stake in this property to another investor who is now paying very late. The investor sends a check directly to the mortgage company. The lease with option to buy was recorded by the investor at the deed office in the county of which we live. My question is, that I am about to file chapter 13 due to my own financial issues of too much credit card debt and the realization that I will be responsible for the huge payment increase on the second home. How can I let this second home go in the bankruptcy with the knowlege that there is a lease on it. Can the investor stop me from letting this second house go? I just want it gone so I don't have to worry about this anymore....2) I have been counting the money that the investor sends to the mortgage company as rental income on my taxes because that is the way the accountant told me I had to do. It usually comes out as a wash because I can also count the interest and taxes and expenses that were paid on this second home. My question is this raises my gross income greatly. Obviously, if I am able to surrender the house, I won't be receiving those payments any longer from the investor. Will the trustee look at those payments as income? If I am posting this on the wrong forumn, I apologize. I know this is all issues I should ask my attorney, but I don't have one yet because I am waiting on the 90 day cash advance thing. Thanks for any help you can give.


I am going to post this in the chapter 13 area as I think I have posted in the wrong area of the forum. Thanks