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Homebody · 11-06-2009, 11:40 AM

I am foreseen filing bankruptcy. I own my principal home which is upside down and was modified...I also own 2 other rental properties which are also upside down and even though the tenants are paying..I am negative on both. I am self employed and after expenses make about $5,000.00.

These are the amounts

Principal home

$746,000.00 $2079.00 payment (modified)
80,000.00 335.00 equity line payment trying to modify.

1st Rental- Tenant pays $2200.00

$180,000.00 $1175.00 1st mortgage payment
248,000.00 $885.00 equity line payment

2nd Rental- tenant pays $980.000

$166,000 $985.00 1st morgage payment payment
20,400 $95.00 equity line payment

These payments do not include payment of

I also owe $54,000 in credit cards which I have used to keep up with my business expenses and these houses have been vacant a few of the months these years. I dont have the extra money to keep trying to pay these houses and my own expenses.

I am over my head on these houses..can you tell me what would happen in bankruptcy courts to my properties?

I would hate to lose them as I have had them for many years, but I am losing sleep over them and cant even save for my retirement. These houses were my idea of retirement income and now in my 50's and see no point in owing them but headaches, lack of sleep and probably an early grave.

I would appreciate anyone's advise. Thank you.

11-06-2009, 11:40 AM	#1 (permalink)
Homebody Member Join Date: Sep 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Bankruptcy option & income properties I am foreseen filing bankruptcy. I own my principal home which is upside down and was modified...I also own 2 other rental properties which are also upside down and even though the tenants are paying..I am negative on both. I am self employed and after expenses make about $5,000.00. These are the amounts Principal home $746,000.00 $2079.00 payment (modified) 80,000.00 335.00 equity line payment trying to modify. 1st Rental- Tenant pays $2200.00 $180,000.00 $1175.00 1st mortgage payment 248,000.00 $885.00 equity line payment 2nd Rental- tenant pays $980.000 $166,000 $985.00 1st morgage payment payment 20,400 $95.00 equity line payment These payments do not include payment of I also owe $54,000 in credit cards which I have used to keep up with my business expenses and these houses have been vacant a few of the months these years. I dont have the extra money to keep trying to pay these houses and my own expenses. I am over my head on these houses..can you tell me what would happen in bankruptcy courts to my properties? I would hate to lose them as I have had them for many years, but I am losing sleep over them and cant even save for my retirement. These houses were my idea of retirement income and now in my 50's and see no point in owing them but headaches, lack of sleep and probably an early grave. I would appreciate anyone's advise. Thank you.