I have 2 rental properties that are losing money because of the 2nd lines of credit.
I am filing to get rid of the credit card debts that I've run to keep these houses.
In the house that I live in, its way underwater on the 1st but they gave me a very nice modification and it is better than renting so I am not walking away.
On one of my houses, the tenant is running behind on paying the rent so I might have to evict him. The first on the house if $186,000 and the 2nd is $248,000. The house is worth about $400,000 so there is some equity there..but because it is not my principal residence I would love the exemption. Can I move back to this house before filing for chapter 7 so that I can keep my exemption?
How long do you have to live in the house to prove residencial status?
I am planning to file in May..my tenant is running behind on his rent by 30 days and I really cannot afford to keep this up.
I can rent out my residence for very good rent at this point or leave it for my grown son to live in and he can continue to pay the mortgage for now while I figure out my finances.
I am at the end of my rope...dont know what is being paid or not and cant keep track of anything anymore. I am self employed and business is slow too.
My other rental has been vacant since December..but I've finally got a renter to move in on March 1st.
Only option for me right now is to file and later try to negotiate the 2nd loans which are driving me to the poor house. Once I get rid of credit card bills and stop payment on the 2nds I am ok financially.
Going back to the house with equity...will moving back in help protect the equity on the house?
Thanks.
I am filing to get rid of the credit card debts that I've run to keep these houses.
In the house that I live in, its way underwater on the 1st but they gave me a very nice modification and it is better than renting so I am not walking away.
On one of my houses, the tenant is running behind on paying the rent so I might have to evict him. The first on the house if $186,000 and the 2nd is $248,000. The house is worth about $400,000 so there is some equity there..but because it is not my principal residence I would love the exemption. Can I move back to this house before filing for chapter 7 so that I can keep my exemption?
How long do you have to live in the house to prove residencial status?
I am planning to file in May..my tenant is running behind on his rent by 30 days and I really cannot afford to keep this up.
I can rent out my residence for very good rent at this point or leave it for my grown son to live in and he can continue to pay the mortgage for now while I figure out my finances.
I am at the end of my rope...dont know what is being paid or not and cant keep track of anything anymore. I am self employed and business is slow too.
My other rental has been vacant since December..but I've finally got a renter to move in on March 1st.
Only option for me right now is to file and later try to negotiate the 2nd loans which are driving me to the poor house. Once I get rid of credit card bills and stop payment on the 2nds I am ok financially.
Going back to the house with equity...will moving back in help protect the equity on the house?
Thanks.