Posted on: 08th May, 2009 12:20 am
If I filed banruptcy, will I be able to save my primary residence and a rental property?...I have a primary residence and a rental property in California and I used up all my reserves paying the mortgages. I requested a loan modification from my lender and they declined my request. They told me that I don't have a stable income (I'm a real estate agent). My two properties are under water so I'm coming up negative each month.
hi felicity
you haven't mentioned the type of bankruptcy you are planning to file. if you file chapter 7 bankruptcy and reaffirm the debts of your primary residence and rental property, then you would be able to save them provided you make the payments regularly.
thanks.
you haven't mentioned the type of bankruptcy you are planning to file. if you file chapter 7 bankruptcy and reaffirm the debts of your primary residence and rental property, then you would be able to save them provided you make the payments regularly.
thanks.
I don't know the different types of bankruptcy, please advise. Thanks.
hi felicitas,
if you don't want to file chapter 7 bankruptcy as mentioned by niicss, you can file chapter 13 bankruptcy and save your primary residence. once your bankruptcy is discharged, your lender will give you a 3-5 year plan with which you will have to clear off the mortgage dues. your payments will depend upon your financial situation.
but as you are not sure about the type of bankruptcy you should file, i would suggest you to contact your bankruptcy attorney and discuss your options with him.
thanks
if you don't want to file chapter 7 bankruptcy as mentioned by niicss, you can file chapter 13 bankruptcy and save your primary residence. once your bankruptcy is discharged, your lender will give you a 3-5 year plan with which you will have to clear off the mortgage dues. your payments will depend upon your financial situation.
but as you are not sure about the type of bankruptcy you should file, i would suggest you to contact your bankruptcy attorney and discuss your options with him.
thanks