I own three homes, all in different states. I currently rent a house near my mother. My other properties are all rentals. I know based on 11USC I believe 506, I can lien strip or cram down any investment properties. However, can I do this if I currently do not own the home I am living in and am renting? My attorney does not seem to think so and he wants me to move into the property in this state, but I do not see a provision not allowing me to lien strip if I pay rent and not a mortgage. Any thoughts?
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One issue is how you took out the mortgages. If you took out the mortgage and stated that the home was your "primary residence", then you cannot carmdown, you can only strip the 2nd if the 2nd is wholly unsecured (meaning the home is worth less than what is owed on the first).
I am not sure what you are asking about the home you are living in..you cannot cram down a lease.
If I understand you correctly, one of the homes WAS your primary residence, but you are just not living it in (instead you are renting a different property). I am afraid your attorney is correct, if you took out the loans as "primary residence", you cannot use 506, you will use 1322(b)(2), but you need to actually be living in the house.
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