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Bankrupcy on my rental property

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louie from california

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Post Posted: Mon Feb 14, 2011 5:35 pm    Post subject: Bankrupcy on my rental property
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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
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Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

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Location: Alaska
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Post Posted: Mon Feb 14, 2011 7:27 pm    Post subject:
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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
louie

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Post Posted: Tue Feb 15, 2011 9:36 am    Post subject: Bankrupcy on my rental property
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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.
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

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Location: Nevada
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Post Posted: Tue Feb 15, 2011 11:10 pm    Post subject:
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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
louie

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Post Posted: Wed Feb 16, 2011 8:58 am    Post subject: Bankrupcy on my rental property
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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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