How much trustee involvement during the 5 year payment period?

[May2014]

If you surrender properties in a chapter 13, you aren't liable for any deficiency. We surrendered an investment property, and while it is severely underwater, when the bank forecloses we won't owe a dime. Same in a short sale or deed-in-lieu if you are in a bankruptcy. It's the reason we opted for bankruptcy...to protect ourselves against the deficiency. Ask your attorney, those may still be options for you.

[despritfreya]

If all debts have to be treated the same way, then my house would probably have to be included in the 5 year payment plan.

As LITR has already indicated, your primary residence is specifically provided for under the bk code be it a Chapter 11 or Chapter 13. No modification of the claim but for the ability to “cure and maintain”.

I think Rental3 could be excluded because I've never own it

If neither the title to the property nor the loan associated with the property is in your name, in general, it will not be an asset of your bk nor an obligation you would list in your bk. Therefore, no cram down in your bk. Similar outcome if you personally guaranteed a loan that is in the name of the corporation but for the fact that such would be a debt that would have to be listed on schedule F of your bk.

Just about all residential loans are guaranteed by the buyers (home owners).

Misconception or, rather, incorrect legal terminology. The homeowner signs a promissory note for a loan. This is not a "guarantee" as the legal term contemplates. The homeowner is the "borrower". The promissory note is secured by the real property. This is no different than going to a car dealership and financing the purchase of a vehicle. You borrow money and allow the lender to take an interest in collateral to secure performance under the loan. Under your terminology, there are no borrowers, just guarantors. Now, of course, your corporation could be the "borrower" and you could have signed a personal guarantee which is a separate contract between you, as guarantor of corporate performance under the loan, and the lender.

Des.