As I posted before I would like to keep my 2nd home. FYI, the mortgage, taxes, and insurance are the equalivant to (1) car payment with insurance. Both attorney's that I have consulted with stated that this can be done since there is no equity. However, I am still uncomfortable about being able to successfully pull this off. The first attorney stated that he would include the 2nd home on my schedule J. I am worried that I were to do this, the trustee would file a motion to dismiss based on 707(b)3.
I figure that I have (4) options other than just outright surrending the property back to the lender.
1. Follow the advice of the first attorney as my expenses are already negative without the second home being included. If the trustee argues this expense, it won't change the fact that I am still in the red.
2. List the second home as an expense in lieu of a car payment. I would surrender one of my two cars to accomplish this. This would be a way for me to negotiate with the trustee as it is the same cost as a car that I have the right to keep. I have also found a court opinion to support this option. In the court opinion someone was able to keep an rv payment in lieu of a car payment.
3. Check surrender on my statement of intention, but continue to make payments to my lender in hopes that they will not foreclose.
4. Check retain on my statement of intention, but do not list as an expense.
I am thinking that option #2 is the best way to go, but I could be wrong. Any feedback on helping me with this issue would be great. thanks.
I figure that I have (4) options other than just outright surrending the property back to the lender.
1. Follow the advice of the first attorney as my expenses are already negative without the second home being included. If the trustee argues this expense, it won't change the fact that I am still in the red.
2. List the second home as an expense in lieu of a car payment. I would surrender one of my two cars to accomplish this. This would be a way for me to negotiate with the trustee as it is the same cost as a car that I have the right to keep. I have also found a court opinion to support this option. In the court opinion someone was able to keep an rv payment in lieu of a car payment.
3. Check surrender on my statement of intention, but continue to make payments to my lender in hopes that they will not foreclose.
4. Check retain on my statement of intention, but do not list as an expense.
I am thinking that option #2 is the best way to go, but I could be wrong. Any feedback on helping me with this issue would be great. thanks.
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