Detroit AutoWorker Needs Advice-please
Hi, been a while since last post. Need help from people here willing to give time to reply.
I own 3 properties in Detroit. Each had a value of approx 300k in2006. Each is worth 200k at best now.
2 are rentals, one my home.
House 1-paid for-12000 back taxes owed-rented 1500
tax extension granted
House 2- mortgaged 1750 mo-rented 1650 mo
renter to decide soon on renew
House 3 mortgage 2000 mo-living in now with 5 family
When chrysler reduced my hours and my wife filed for divorce Dec 07, I attempted to get a mortgage on the only prop with no lien-House 1 and was refused.
I have since remarried her. She has brought back 800 dollar per month credit card debt.
I now am laid off.
She also has 12000 dollars in past due medical bills which occured during seperation.
now am laid off (8 wks?) and cash flow if severly negative.
tennant moving out maybe July
questions: Is there any way to walk away from house 2 and 3 and her debts andstill preserve my equity (200k) in house 1
Is there a way for her to declare chapter 7 alone and how will it affect the joint owned house 3?
Is there a way to get funds using the 200k asset as collateral if I decide to ride out the storm or is it ill advised to do so here in detroit?
Is there a way to take the buyout and retire to 2000k per month and take advantage of the obama 31% plan(homeowner assistance)
Help-saw it all evaporate and need advise in Motown
It seems like much of this should have been dealt w/ in the divorce decree.
I have seen a member of an LLC declare chap7 and not affect the other members, are husband and wife the same?
The obama plan is always worth checking out.