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I live in California and my 1st and 2nd mortgage are both HELOC same lender BofA on my rental property. My wife is the only working right now I got laid off almost two years now. First Heloc $225K, Second 200K. We only receiving $1,200.00 a month on my rental good enough to pay the First heloc. My question is ca i file bk on my rental property and keep my primary residence. Shocked

smithsussane · Posted: Mon Feb 14, 2011 7:27 pm Post subject:

Hi louie!

Welcome to forums!

If you file bankruptcy, you'll have to include both the properties and there are chances that both the properties may be sold off in order to pay off your creditors.

Feel free to ask if you've further queries.

Sussane

Guest

Thank you sussane, the problem is both primary and rental property are under-water.
Primary balance $360,000 and market price is $350,000. Rental property market price between $180,000 to $200,000 not enough to pay off creditors.

jameshogg · Posted: Tue Feb 15, 2011 11:10 pm Post subject:

Hi louie,

Though the property value is not enough to pay off the your lenders, the trustee will still sell off the property in order to pay off as much dues of your creditors as possible.

Thanks

Guest

Which bk should i file 7 or 13. And what's going to happen with the remaining balance are they going to be forgiven? and what about my IRA and my wife 401K are they going to garnish?

Thanks

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