I am contemplating chapter 13.
I currently own three investment properties in New York. These properties are killing me with expenses.
Three HELOC loans with BoA totaling about $90,000. The properties will sell for about $38-40,000 total.
Properties are costing me about $1,500 per month due to taxes, maintenance, lack of renters, ect., ect... This is documented in IRS returns as a loss of $18,000 per year. The mortgages are a very small portion of this.
If I stop paying all bills on these properties and allow foreclosure will BofA sue me for the remainder?
If these properties would just disappear I am able to take care of all of my other bills.
Also.... My primary residence has two mortgages totaling $240,000. Property value is about $100,000.
No Assets to come after.
I currently own three investment properties in New York. These properties are killing me with expenses.
Three HELOC loans with BoA totaling about $90,000. The properties will sell for about $38-40,000 total.
Properties are costing me about $1,500 per month due to taxes, maintenance, lack of renters, ect., ect... This is documented in IRS returns as a loss of $18,000 per year. The mortgages are a very small portion of this.
If I stop paying all bills on these properties and allow foreclosure will BofA sue me for the remainder?
If these properties would just disappear I am able to take care of all of my other bills.
Also.... My primary residence has two mortgages totaling $240,000. Property value is about $100,000.
No Assets to come after.