Complex Situation - Need Help!

[hosedown]

I need some advice for an immediate decision.

Background: I have a rental house (duplex) and I rent a separate apartment to live in. I was given control of this property recently by the court in a dissolution hearing (divorce will not be final for several months). The renters haven't paid rent in several months and thus the mortgage hasn't been paid in several months. (In fact, my ex was pocketing the rent and not paying the mortgage for a few months before the court gave me control of it.) My mortgage company just sent my loan to the foreclosure department a couple days ago. Also, I've been unemployed for almost a year and have been collecting state unemp benefits.

So the key factors are: frental going into foreclosure; divorce not final; no job - collecting unemployment benefits.

Anyhow, I'm considering bankruptcy and need to decide if I should move into my duplex or not. Does living there increase my chances of being able to keep it through the bankruptcy process? What are the advantages of living there vs. renting it out as my whole financial life goes down in flames? (Assuming I can get paying renters in there that will pay as much as I pay for rent in my apartment so they cancel each other out.)

Any advice (other than "Do a search!" because of time constraints and complexity of situation) would be much appreciated. Thanks!

[justbroke]

Anyhow, I'm considering bankruptcy and need to decide if I should move into my duplex or not. Does living there increase my chances of being able to keep it through the bankruptcy process?

No. Keeping current on the loan, or filing Chapter 13 and proposing a Plan to cure the arrears are the only way to keep the property through a non-bankruptcy or Bankruptcy process.

With your unemployed status, I'm not even sure you can enter into a Chapter 13 Reorganization as you need regular income to be in such a Plan.

What are the advantages of living there vs. renting it out as my whole financial life goes down in flames? (Assuming I can get paying renters in there that will pay as much as I pay for rent in my apartment so they cancel each other out.)

Depends. What's the property worth? What's the income from the property? If it has equity... how much equity does it have (both as an amount and a percentage)?

Any advice (other than "Do a search!" because of time constraints and complexity of situation) would be much appreciated. Thanks!

This is not complex at all. This is a situation that many Debtors find themselves in.

[heyu]

I have just one question, Is your name on the note that holds the Mortgage or was the deed just signed over to you and your exhusband is the note holder, if that be so then you would have to refinance and get the note in your name as it is right now if you are not on the note the Bank wont even deal with you.