Mom's house but my loan

[btbeme]

OK, my head is spinning from reading all of this... I have but one really important question. First, some background...

We are drowning in credit card debt, around $80k. Primary residence has $680k in mortgage and HELOC on a value around $500k. We own a second home, where my mother lives full time in another state. The mortgage there is shared between my siblings and myself and my mother by written agreement, and everyone has been making their payments to me on time (mortgage is in my name; title in mine and siblings names). That home value is likely north of $600k with a mortgage of $425k. That home is built on property my Mom has owned for 55 years; we took on the burden of the mortgage when she could not qualify.

The Big Question - we are considering Chapter 13 but will not do ANYTHING that will place that second home at risk. We are current on everything but will soon run out of reserves and start missing payments somewhere. What are our realistic options for some relief while keeping our homes?

[rrockinggramma]

you will want to be sure you have a really good attorney. You can keep all assets in a chapter 13 but the catch is that creditors must receive what they would have received had you filed a chapter 7. So the equity in the second home might cause you to have to pay back your creditors a higher percentage. But that is where a good lawyer will be key. If it is shared by siblings and all that is proven, then hopefully your attorney can prove that you only have to pay back your share of the equity. The other issue is the money that is being sent to you each month to make the mortgage payment. You might want to have another sibling take that over before filing. But your key here is to get a good attorney.