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Craming down rental property in ch 13 and paying off
Entire loan, secured and unsecured parts, will have to be paid in 60 months.
Can your client do that?
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
sofiya
Sent: Saturday, October 30, 2010 12:17 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Craming down rental property in ch 13 and paying off
through plan
Hello everyone:
PC has a rental property with an outstanding loan balance of $400K (only one
loan) and FMV of $130K. He has not paid his mortgage for appx. 5 months and
wants to see if it's possible to "cram it down" in a ch 13 to its current
FMV and pay it off through the plan during the next 5 years. Will the
current interest rate continue to apply? Would the answer be different if he
was residing there before we file? I think I read somewhere that the cram
down does not apply to primary residence in a ch 13 case. Q2: does he need
to show a positive cash flow before he is allowed to cram it down?
Thank you
Sofya Davtyan
Attorney at Law
Message
Entire loan, secured and
unsecured parts, will have to be paid in 60 months. Can your client do
that?
David A.
Tilem
Certified Bankruptcy
Specialist*
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