Ok, I would like to outline my situation in California.
I am currently in a "trial" mod on two of my properties and a forbearance plan on the other for three months. The amount in arrears keeps increasing and i most likely won't get mods,who does? If I don't get the mods I am really trying to understand what my options are so I can make an informed decision.
I would like to go ch13 and strip off the 2nd's on my rental properties. I have recently started receiving enough rental income to cover the 1st mortgages on the rental properties and I am making payments when I can on the 2nd's.
Average monthly Income earned: $3,000.00
Unsecured Debt 132,000.00
Education Loan 23,000.00 Payment $302.00
2004 Auto value ~ 10k; was paid off, new loan for 7k 6 months ago.
5 year loan @213 mo.
Property #1 - Principal Residence
Value ~206k
1st - 250 k Payment 1585 (originally no impounds)
Rental #1
Value ~ 130k
1st - 133k Payment 1172 (with impounds)
2nd - 75k
Rental #2
Value ~ 116k
1st - 127k Payment 974 (with impounds)
2nd - 77k
All my other assets are personal and should meet the exemption provisions.
NOW, for where I am confused:
1. How would my car loan be valued since it is soo recent. Can it be repo'd?
2. If I strip off the 2nd's, do I have to take the amount that is forgiven, $152k (75k & 77k)and add this to my unsecured debt or amortize it over the 3 to 5 year payment plan? This brings me up to ~$285k Unsecured. Will I have to pay any of the 285k back?
3. I believe I will have to pay at least the $302 for education loan to the trustee as it is preferred. Does this have to be paid back within 3-5 years or on its regular 10 year payment plan.
4. @ $3,000 income - primary residence mortgage- car payment - educational loan - estimated expenses, I will either break even or have a negative monthly income.
If I break even after expenses and paying the education loan, will I still have to pay unsecured creditors?
If i am negative, will I be forced into a chapter 7.
5. I am really confused by what I have to pay back within 3-5 years. If I have to pay of the educational loan within that time thats 23/5 ~383 per month.
And I am super confused to what amounts will be added to this to be paid back in 3-5 years.
This is all I want to know, what will my monthly payouts be other than my secured debts?
Thanks in advance for any help
I am currently in a "trial" mod on two of my properties and a forbearance plan on the other for three months. The amount in arrears keeps increasing and i most likely won't get mods,who does? If I don't get the mods I am really trying to understand what my options are so I can make an informed decision.
I would like to go ch13 and strip off the 2nd's on my rental properties. I have recently started receiving enough rental income to cover the 1st mortgages on the rental properties and I am making payments when I can on the 2nd's.
Average monthly Income earned: $3,000.00
Unsecured Debt 132,000.00
Education Loan 23,000.00 Payment $302.00
2004 Auto value ~ 10k; was paid off, new loan for 7k 6 months ago.
5 year loan @213 mo.
Property #1 - Principal Residence
Value ~206k
1st - 250 k Payment 1585 (originally no impounds)
Rental #1
Value ~ 130k
1st - 133k Payment 1172 (with impounds)
2nd - 75k
Rental #2
Value ~ 116k
1st - 127k Payment 974 (with impounds)
2nd - 77k
All my other assets are personal and should meet the exemption provisions.
NOW, for where I am confused:
1. How would my car loan be valued since it is soo recent. Can it be repo'd?
2. If I strip off the 2nd's, do I have to take the amount that is forgiven, $152k (75k & 77k)and add this to my unsecured debt or amortize it over the 3 to 5 year payment plan? This brings me up to ~$285k Unsecured. Will I have to pay any of the 285k back?
3. I believe I will have to pay at least the $302 for education loan to the trustee as it is preferred. Does this have to be paid back within 3-5 years or on its regular 10 year payment plan.
4. @ $3,000 income - primary residence mortgage- car payment - educational loan - estimated expenses, I will either break even or have a negative monthly income.
If I break even after expenses and paying the education loan, will I still have to pay unsecured creditors?
If i am negative, will I be forced into a chapter 7.
5. I am really confused by what I have to pay back within 3-5 years. If I have to pay of the educational loan within that time thats 23/5 ~383 per month.
And I am super confused to what amounts will be added to this to be paid back in 3-5 years.
This is all I want to know, what will my monthly payouts be other than my secured debts?
Thanks in advance for any help