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92027_guy.
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February 8, 2009 at 4:24 PM #343425February 8, 2009 at 5:19 PM #343455
urbanrealtor
ParticipantI still don’t get why short selling is a bad idea considering the limited options left to the bank….
You know they don’t actually have debtors prisons anymore…
February 8, 2009 at 5:19 PM #343551ParticipantI still don’t get why short selling is a bad idea considering the limited options left to the bank….
You know they don’t actually have debtors prisons anymore…
February 8, 2009 at 5:19 PM #342991ParticipantI still don’t get why short selling is a bad idea considering the limited options left to the bank….
You know they don’t actually have debtors prisons anymore…
February 8, 2009 at 5:19 PM #343427ParticipantI still don’t get why short selling is a bad idea considering the limited options left to the bank….
You know they don’t actually have debtors prisons anymore…
February 8, 2009 at 5:19 PM #343318ParticipantI still don’t get why short selling is a bad idea considering the limited options left to the bank….
You know they don’t actually have debtors prisons anymore…
February 8, 2009 at 8:56 PM #343389jonnycsd
ParticipantYou should consider just walking away with no BK, the other posters are correct – in California if it is a purchase money loan the lender has no further recourse. If you took money out, say for a down payment on the next purchase as you built the portfolio, that is a different story – you will not be able to walk away.
However, depending on your financial situation a BK might work well. Under a Chapter 13 you may be able to “cram down” loans on the rentals to current market value. If your primary residence is a 80/20 you may be able to strip the second mortgage off entirely. There is a LOT of complexity in all this, and you may have to eat Ramen Noodles for 5 years to satisfy the trustee, but perhaps if your wife is working, she can buy the groceries. You may be able to refinance out of the 13 before it runs the full 5 year term.
Get a good BK attorney, AVOID finding a general attorney who is just advertsing BK work because its hot right now.
It is possible that you could own your properties at today’s prices.
February 8, 2009 at 8:56 PM #343497ParticipantYou should consider just walking away with no BK, the other posters are correct – in California if it is a purchase money loan the lender has no further recourse. If you took money out, say for a down payment on the next purchase as you built the portfolio, that is a different story – you will not be able to walk away.
However, depending on your financial situation a BK might work well. Under a Chapter 13 you may be able to “cram down” loans on the rentals to current market value. If your primary residence is a 80/20 you may be able to strip the second mortgage off entirely. There is a LOT of complexity in all this, and you may have to eat Ramen Noodles for 5 years to satisfy the trustee, but perhaps if your wife is working, she can buy the groceries. You may be able to refinance out of the 13 before it runs the full 5 year term.
Get a good BK attorney, AVOID finding a general attorney who is just advertsing BK work because its hot right now.
It is possible that you could own your properties at today’s prices.
February 8, 2009 at 8:56 PM #343525ParticipantYou should consider just walking away with no BK, the other posters are correct – in California if it is a purchase money loan the lender has no further recourse. If you took money out, say for a down payment on the next purchase as you built the portfolio, that is a different story – you will not be able to walk away.
However, depending on your financial situation a BK might work well. Under a Chapter 13 you may be able to “cram down” loans on the rentals to current market value. If your primary residence is a 80/20 you may be able to strip the second mortgage off entirely. There is a LOT of complexity in all this, and you may have to eat Ramen Noodles for 5 years to satisfy the trustee, but perhaps if your wife is working, she can buy the groceries. You may be able to refinance out of the 13 before it runs the full 5 year term.
Get a good BK attorney, AVOID finding a general attorney who is just advertsing BK work because its hot right now.
It is possible that you could own your properties at today’s prices.
February 8, 2009 at 8:56 PM #343063ParticipantYou should consider just walking away with no BK, the other posters are correct – in California if it is a purchase money loan the lender has no further recourse. If you took money out, say for a down payment on the next purchase as you built the portfolio, that is a different story – you will not be able to walk away.
However, depending on your financial situation a BK might work well. Under a Chapter 13 you may be able to “cram down” loans on the rentals to current market value. If your primary residence is a 80/20 you may be able to strip the second mortgage off entirely. There is a LOT of complexity in all this, and you may have to eat Ramen Noodles for 5 years to satisfy the trustee, but perhaps if your wife is working, she can buy the groceries. You may be able to refinance out of the 13 before it runs the full 5 year term.
Get a good BK attorney, AVOID finding a general attorney who is just advertsing BK work because its hot right now.
It is possible that you could own your properties at today’s prices.
February 8, 2009 at 8:56 PM #343621ParticipantYou should consider just walking away with no BK, the other posters are correct – in California if it is a purchase money loan the lender has no further recourse. If you took money out, say for a down payment on the next purchase as you built the portfolio, that is a different story – you will not be able to walk away.
However, depending on your financial situation a BK might work well. Under a Chapter 13 you may be able to “cram down” loans on the rentals to current market value. If your primary residence is a 80/20 you may be able to strip the second mortgage off entirely. There is a LOT of complexity in all this, and you may have to eat Ramen Noodles for 5 years to satisfy the trustee, but perhaps if your wife is working, she can buy the groceries. You may be able to refinance out of the 13 before it runs the full 5 year term.
Get a good BK attorney, AVOID finding a general attorney who is just advertsing BK work because its hot right now.
It is possible that you could own your properties at today’s prices.
February 10, 2009 at 9:14 PM #34423292027_guy
Participantjonnycsd/urbanrealtor: The biggest reason I’m considering BK are the potential liabilities from the second lien holders. The rentals will have about 150 – 180k in debt forgiveness after short sale/foreclosure. As I understand it that leaves me with 3 possibilities for the seconds that will get nothing or less then amount owed….
1. Send 1099C to IRS and I will have to include that as income probably in tax year 2009.
2. Bring suit against me to recover the difference
3. Do nothing but write off the loss.The first 2 are concerning enough for me to want to surrender houses in BK so federal law will eliminate that possibility. I’m not looking forward to the Credit score in the 400’s though. So if anyone feels I’m mistaken I’d welcome a correction.
PS. Hopefully this isn’t too much of an annoying “all about 92126_guy” thread, if so just don’t comment and I’ll take the hint. Appreciate the advice already given.
February 10, 2009 at 9:14 PM #344553Participantjonnycsd/urbanrealtor: The biggest reason I’m considering BK are the potential liabilities from the second lien holders. The rentals will have about 150 – 180k in debt forgiveness after short sale/foreclosure. As I understand it that leaves me with 3 possibilities for the seconds that will get nothing or less then amount owed….
1. Send 1099C to IRS and I will have to include that as income probably in tax year 2009.
2. Bring suit against me to recover the difference
3. Do nothing but write off the loss.The first 2 are concerning enough for me to want to surrender houses in BK so federal law will eliminate that possibility. I’m not looking forward to the Credit score in the 400’s though. So if anyone feels I’m mistaken I’d welcome a correction.
PS. Hopefully this isn’t too much of an annoying “all about 92126_guy” thread, if so just don’t comment and I’ll take the hint. Appreciate the advice already given.
February 10, 2009 at 9:14 PM #344661Participantjonnycsd/urbanrealtor: The biggest reason I’m considering BK are the potential liabilities from the second lien holders. The rentals will have about 150 – 180k in debt forgiveness after short sale/foreclosure. As I understand it that leaves me with 3 possibilities for the seconds that will get nothing or less then amount owed….
1. Send 1099C to IRS and I will have to include that as income probably in tax year 2009.
2. Bring suit against me to recover the difference
3. Do nothing but write off the loss.The first 2 are concerning enough for me to want to surrender houses in BK so federal law will eliminate that possibility. I’m not looking forward to the Credit score in the 400’s though. So if anyone feels I’m mistaken I’d welcome a correction.
PS. Hopefully this isn’t too much of an annoying “all about 92126_guy” thread, if so just don’t comment and I’ll take the hint. Appreciate the advice already given.
February 10, 2009 at 9:14 PM #344692Participantjonnycsd/urbanrealtor: The biggest reason I’m considering BK are the potential liabilities from the second lien holders. The rentals will have about 150 – 180k in debt forgiveness after short sale/foreclosure. As I understand it that leaves me with 3 possibilities for the seconds that will get nothing or less then amount owed….
1. Send 1099C to IRS and I will have to include that as income probably in tax year 2009.
2. Bring suit against me to recover the difference
3. Do nothing but write off the loss.The first 2 are concerning enough for me to want to surrender houses in BK so federal law will eliminate that possibility. I’m not looking forward to the Credit score in the 400’s though. So if anyone feels I’m mistaken I’d welcome a correction.
PS. Hopefully this isn’t too much of an annoying “all about 92126_guy” thread, if so just don’t comment and I’ll take the hint. Appreciate the advice already given.
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