investment property

[justbroke]

justbroke, are you saying that if I have a investment property with a balance of $37,000. I can cram that down in a chapter 13.. That being the FMV which is about $25,000. So. $25,000 over 5 years.

Yes. You can change the interest rate to Till as well. Expect a fight though, but it can be done.

[addision]

2nd mortgage strip

Hmm, so if you cram down a 1st loan to market value you need to pay off within 5 years.

What if you "strip" off the 2nd mortgage. I have read that the 2nd balance amount moves to unsecured debt.



In S. California BTW.

[HHM]

Hmm, so if you cram down a 1st loan to market value you need to pay off within 5 years.

What if you "strip" off the 2nd mortgage. I have read that the 2nd balance amount moves to unsecured debt.

In S. California BTW.

Correct, when you cram...you need to pay off the market value in 5 years. When you Strip, the stripped loan becomes an unsecured debt.

It is usually helpful to read the first parts of these longer threads since the answers to these questions are already there

[frogger]

Losing that 20% that you put down might be the best thing that could happen to you. You're already 100K underwater, and with the current economic conditions and real estate pricing, this might be the best condition for years to come.

Your position might continue to lose. Are you ready to deal with that?

Sometimes it's best to take your licks and move on........

[dales0513]

Can anyone explain I have an 8% share in a condo in Maine how does this factor into a Chapter 13?

[justbroke]

Can anyone explain I have an 8% share in a condo in Maine how does this factor into a Chapter 13?

It factors IF you continue to pay into it and it's your primary residence? I'm guessing it's not your primary residence.