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    #1

    multiple mortgages on rentals

    Hello,

    I was wondering if Chapter 7 is the correct course to talk about with my attorney?

    Hello Folks, below is my situation. I am not sure what to do so I thought I would get some opinions and suggestions before meeting with an attorney.

    Also, I hope this is the correct forum to post.

    Heres my story,

    1) I have (4) rental homes plus my own homestead

    rental home (a) has no mortgage, 10 k in equity and is currently rented for 600 per month

    rental home (b) has 30 k mortgage (negative equity) un habitable payment is 500 per month with taxes

    rental home (c) has 35 k mortgage (currtently in lawsuit due to fire) house is a loss

    rental home (d) has 60k mortgage, value is about 30k in this market, currently not rented. mortgage payment of 700 per month

    personal homestead has 87k mortgage, its worth about 120k in todays market

    I have 10k in credit card debt (was used for girlfriends car, low interest and she makes the payment on the card though)

    Lastly, I just lost my job and I cant sustain these monthly payments on the rental homes. Ive been keeping up on payments for a long time but do to the job loss I wont be able to keep paying on all of them for much longer.

    I also now need to purchase a car for myself as I had a company car.
    I plan on keeping my homestead.

    What would be the best course of action to get out of this mess?

    LB
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    #2
    Have you looked at how much your homestead exemptions are?
    The 10 K CC will be discharged but I'm not sure if they will want the car back or not. you have to include all debt.
    Chapter 7 07/30/2008
    341 09/17/2008
    Discharge 11/21/2008

    Comment

      #3
      No I dont know what my homestead exemptions are.

      My girfriend and I are both on the title of the car. Does that matter?

      Also, I have two other credit cards with 0 balance. Will I be able to keep those, or will I lose them?

      Comment

        #4
        Originally posted by larryb View Post
        No I dont know what my homestead exemptions are.

        My girfriend and I are both on the title of the car. Does that matter?

        Also, I have two other credit cards with 0 balance. Will I be able to keep those, or will I lose them?
        They will most likely close those accounts soon after you file.
        Did i understand you correctly that you bought the car on a CC? how long ago was it a bank CC?
        Chapter 7 07/30/2008
        341 09/17/2008
        Discharge 11/21/2008

        Comment

          #5
          yes, the car was purchased with one of those credit card low interest checks through Chase, This was about 14 months ago.

          Also, I need to purchase a car for myself now. Not sure when to do it if I do end up filing

          Comment

            #6
            Originally posted by larryb View Post
            yes, the car was purchased with one of those credit card low interest checks through Chase, This was about 14 months ago.

            Also, I need to purchase a car for myself now. Not sure when to do it if I do end up filing
            how long before you think you will file
            Chapter 7 07/30/2008
            341 09/17/2008
            Discharge 11/21/2008

            Comment

              #7
              I will probably file ( this is of course it ends up being the best thing to do) within the next 1-3 months,

              Also, what about savings and stocks?

              And I did cash out of a cd about 8 months ago as it matured

              Comment

                #8
                Originally posted by larryb View Post
                I will probably file ( this is of course it ends up being the best thing to do) within the next 1-3 months,

                Also, what about savings and stocks?

                And I did cash out of a cd about 8 months ago as it matured
                saving and stocks are assets. there is a 6 month look back for income what did you do with the money from the CD? pay bills? fix the car?
                Chapter 7 07/30/2008
                341 09/17/2008
                Discharge 11/21/2008

                Comment

                  #9
                  I still have the money from the cd. I guess I have to make sure its past the 6 month look back period.

                  Comment

                    #10
                    Any other comments on this post?

                    Comment

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