Ch. 13 real estate with non-spouse joint tenant
Posted: Mon Feb 22, 2010 11:32 pm
I have a H&W couple that needs to file Ch. 13. The wife owns an interest
in a real estate property with a friend of hers. The friend
lives in the property, the debtor/wife does not. It was a rental
property but currently no tenants (and none for the past year). There is no equity, and there
are two mortgages, both of which Wife is responsible for (along with her
friend).
If I filed Ch. 13:
A. Can I list payments the wife makes on the mortgages on that
property? i.e. will they be allowed as a budget item on Schedule "J"? It's purely for investment purposes at this time.
B. If the mortgage payments don't factor into the budget analysis, how
are the property and secured debts handled in the Ch. 13 plan, assuming
she doesn't want to do a LAM motion?
C. Can I even do a LAM motion/lien strip if there is a joint
owner/obligor on the property? If so, how does that work? Can a lien
be stripped where there's a co-owner?
Thanks,
Mark
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
The post was migrated from Yahoo.