Hi all. I need a straight answer from someone who's been through this or a professional. I've been to a number of different BK attorneys and it's amazing how I get different answers. I finally found one I like, but maybe because he's telling me what I want to hear.
Here's the long and short of it:
Filing for Ch 13 as advised by a law firm (or paralegals) who've been trying to modify my mortgage for the past six months. I was instructed not to pay lender in order to get their "attention". This was ING, who, apparently, are notorious for being difficult, in that they don't fall under the "Obama laws" of Modification because they're Dutch owned. Anyway, they wouldn't do the modification and now I've been instructed to file Ch 13 to save my house.
I have another "rental, investment" house I own with a business partner 50/50 on the deed. This last lawyer told me it would be protected as "secured property". It has about 40k in equity. Is secured property mean that you're using that house as "collateral"? In other words, Am I agreeing to anything that could jeopardize the other owner if for some reason I fail to make a BK payment?
Secondly, I owe the IRS around 80k. This last attorney said that we could work this in to the BK and have a payment plan. I have no equity in my primary house and 20k (my part) in investment house. Just want to see if other owner will be safe. My head is spinning from all of this. any help would be greatly appreciated.
Here's the long and short of it:
Filing for Ch 13 as advised by a law firm (or paralegals) who've been trying to modify my mortgage for the past six months. I was instructed not to pay lender in order to get their "attention". This was ING, who, apparently, are notorious for being difficult, in that they don't fall under the "Obama laws" of Modification because they're Dutch owned. Anyway, they wouldn't do the modification and now I've been instructed to file Ch 13 to save my house.
I have another "rental, investment" house I own with a business partner 50/50 on the deed. This last lawyer told me it would be protected as "secured property". It has about 40k in equity. Is secured property mean that you're using that house as "collateral"? In other words, Am I agreeing to anything that could jeopardize the other owner if for some reason I fail to make a BK payment?
Secondly, I owe the IRS around 80k. This last attorney said that we could work this in to the BK and have a payment plan. I have no equity in my primary house and 20k (my part) in investment house. Just want to see if other owner will be safe. My head is spinning from all of this. any help would be greatly appreciated.
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