Good morning! Turning to the knowledgable folks for guidance here.
Hubby and I are not sure which direction to go. Like most folks, our income has suffered severely over the last 4 years and we are in a mess.
We do have an attorney working on mitigation for our problem right now, but I thought I'd see what others here had to offer/advise in order to help walk us through the best avenue for our situation.
Our biggest concern at this moment is a HELOC on a primary residence that we lived in for over 10 years (we since moved out of it early this year) after securing a HAMP modification and rented the home out. We are in FL.
My husband is head of household works for the county. I am an independent contractor who works for a title company doing real estate closings, notary work, etc.
We also have a horse breeding/sales business that we have been trying to get off the ground for the last 3-4 years (have been reporting same on our taxes). Unfortunately, the horse business has suffered as poorly as the real estate business.
We borrowed against hubby's 401K to purchase a foreclosed small mini farm that was more suitable for our business as we had tried to sell primary for over 4 years, no luck and it was not sufficient for the business or our current living requirements. We have leased it out for 2/3 of the monthly payment and are paying the difference currently.
Our HELOC company refused to work with us on a suitable repayment plan and we hired an attorney to try and work out a settlement. They refused and now are sueing us for Contract/Indebtedness in circuit court in FL.
We had thought about doing a chapter 13 lien strip on this debt, however, since it was not longer our primary, we did not qualify for that.
Evidently, the lender is not interested in any kind of settlement at this time and we don't want to risk losing everything else we have worked for (vehicles, personal property, etc) because this lender refuses to work with us.
Although we have been running the horse business as our individual names, we consider most of the assets related to the horse business belonging to the business, even though it is all in personal names...we are working on getting that squared away with our lawyer.
I have done a means test and it appears we qualify for BK, however, just concerned about one big issue, and this is what this particular HELOC lender wants to get their hands on....we are owed a large mortgage receivable from a property we sold 2 years ago....it was due to balloon in November of last year. We started foreclosure proceedings and the debtor filed a chapter 12 BK on us, so we are not getting anything for some time on this debt.
My question is, how is something like this handled in bankruptcy, since we are getting nothing for it and don't know when we will?
I may have just went over everyone's head as our situation is complicated, and we are just trying to find a way to keep this HELOC lender from wreaking havoc on our lives....
Hubby and I are not sure which direction to go. Like most folks, our income has suffered severely over the last 4 years and we are in a mess.
We do have an attorney working on mitigation for our problem right now, but I thought I'd see what others here had to offer/advise in order to help walk us through the best avenue for our situation.
Our biggest concern at this moment is a HELOC on a primary residence that we lived in for over 10 years (we since moved out of it early this year) after securing a HAMP modification and rented the home out. We are in FL.
My husband is head of household works for the county. I am an independent contractor who works for a title company doing real estate closings, notary work, etc.
We also have a horse breeding/sales business that we have been trying to get off the ground for the last 3-4 years (have been reporting same on our taxes). Unfortunately, the horse business has suffered as poorly as the real estate business.
We borrowed against hubby's 401K to purchase a foreclosed small mini farm that was more suitable for our business as we had tried to sell primary for over 4 years, no luck and it was not sufficient for the business or our current living requirements. We have leased it out for 2/3 of the monthly payment and are paying the difference currently.
Our HELOC company refused to work with us on a suitable repayment plan and we hired an attorney to try and work out a settlement. They refused and now are sueing us for Contract/Indebtedness in circuit court in FL.
We had thought about doing a chapter 13 lien strip on this debt, however, since it was not longer our primary, we did not qualify for that.
Evidently, the lender is not interested in any kind of settlement at this time and we don't want to risk losing everything else we have worked for (vehicles, personal property, etc) because this lender refuses to work with us.
Although we have been running the horse business as our individual names, we consider most of the assets related to the horse business belonging to the business, even though it is all in personal names...we are working on getting that squared away with our lawyer.
I have done a means test and it appears we qualify for BK, however, just concerned about one big issue, and this is what this particular HELOC lender wants to get their hands on....we are owed a large mortgage receivable from a property we sold 2 years ago....it was due to balloon in November of last year. We started foreclosure proceedings and the debtor filed a chapter 12 BK on us, so we are not getting anything for some time on this debt.
My question is, how is something like this handled in bankruptcy, since we are getting nothing for it and don't know when we will?
I may have just went over everyone's head as our situation is complicated, and we are just trying to find a way to keep this HELOC lender from wreaking havoc on our lives....
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