I am planning on filing for BK Chapter 7 but I have some rental propertiest that I dont want to lose. I just want to have the 2nd equity lines of credit discharged.
Principal home
$746,000.00 present value is about $600,000.00
80,000.00 equity line of credit.
1st Rental- Tenant pays $2200.00 in rent
$180,000.00 payment is $1175.00 1st mortgage payment
248,000.00 equity line payment is $900.00
present value is about $350.00
2nd Rental- tenant pays $980.000
$166,000 payment is $985.00 1st morgage
$ 20,400 equity line payment is $95.00 equity line
present value is about $170,000
I have been paying off these equity lines of credit for the last 4 years and none have gone down a single dime..I am just paying and paying. I cant save for retirement and all my income goes to pay these homes when they are not rented out.
I am self employed and my business income has dropped.
Would I be able to have the equity lines of credit without having to give up my homes and just reaffirm the 1st on all of them?
I have had these homes for a long time and dont want to lose them..but the payments on the lines of credit are making me very stressed out. I am in my 50's and dont think I will benefit from keep paying them without decreasing the principal which hasnt at all.
I have credit cards at $54,000.00 (from trying to keep up with payments)
and a car worth about $9,000...that I owe about the same amount.
Thanks
Principal home
$746,000.00 present value is about $600,000.00
80,000.00 equity line of credit.
1st Rental- Tenant pays $2200.00 in rent
$180,000.00 payment is $1175.00 1st mortgage payment
248,000.00 equity line payment is $900.00
present value is about $350.00
2nd Rental- tenant pays $980.000
$166,000 payment is $985.00 1st morgage
$ 20,400 equity line payment is $95.00 equity line
present value is about $170,000
I have been paying off these equity lines of credit for the last 4 years and none have gone down a single dime..I am just paying and paying. I cant save for retirement and all my income goes to pay these homes when they are not rented out.
I am self employed and my business income has dropped.
Would I be able to have the equity lines of credit without having to give up my homes and just reaffirm the 1st on all of them?
I have had these homes for a long time and dont want to lose them..but the payments on the lines of credit are making me very stressed out. I am in my 50's and dont think I will benefit from keep paying them without decreasing the principal which hasnt at all.
I have credit cards at $54,000.00 (from trying to keep up with payments)
and a car worth about $9,000...that I owe about the same amount.
Thanks