Can they force me to sell my rental?

[HOMEBODY]

I am filing in April and tryng to get all my ducks in place.

My residence home is underwater by about $200,000. I have stopped paying on the 2nd which is $83,000.00 hoping that with BK, it will be wiped out and then I can settle.

One of my rentals is probably worth $490,000. and I owe about $438,000. It is not in the best condition and if I was to sell it, it woud sell quickly for about $425-450,000. The first loan is $186,000 and the 2nd is $248,000.

My other rental is about $60,000 with a 2nd of $20,000. I am trying to modify that one.

Can the trustee force me to get rid of these homes even if I dont want to?
I am doing bankrupty to wipe out $60,000 in unsecured loans, and hopefully settle the 2nd equity lines.

Dont know about the first rental since house is worth $425-450, and the 1st loan has a balance of $186,000.00

Do I have to be current on the 2nd loans? I cant stop payments on the credit cards because they have me under hardship program and in order be on that program, I have to have the payment taken out automatically.

Thanks for your input. I cant wait to file, but I have a bond for my business and is up for renewal in April and I want to get that first.

Thanks

[JackBondLove]

Why not move into the rental that has the most equity? That way you can take advantage of the homestead exemption.

[HOMEBODY]

I could do that because my tenant is moving out...but wont they suspect why I am moving out of house that I owe $745,000 on pay lower payments to move to a rental?

I could kind of live there for now, but wouldnt that be fraud? Do they check to see where you actually live? I really should move there anyways since its the only way the bank may want to modify to a lower interest.

I am so afraid of this process and risk loving my investments.

I dont want the trustee to force me to give up my main residence, I love my house.

Thanks,

[JackBondLove]

You're free to live in any of the homes in your name. Simply put your stuff - or at least the stuff that a person needs to live - e.g., bed, clothes, pots, pans, etc. Change the address of your driver's license, car, voter's registration.

You may love your house, but you haven't been current on the payments there. An $800K home is quite an expense for some doing a Chapter 7.

[HOMEBODY]

Thanks..

My main house I keep the payments current. I have a great modification on it and its better than rent. The bank didnt want me to default on it so they themselves offered to modify it. The 2nd on that house is what I am not paying but will bring current before filing. I have no problem paying that house..The rentals are the ones that are giving me problems. They are now both vacant and no money coming in. One I have a tenant already but wont be moving in a few weeks.

Ok..so I will move into that house and claim it as my home..will change the driver's license too just in case.

I do want to take my time in finding a good tenant who is not going to move within 6 months like the last one.