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Yahoo! Answers: Filing Bankruptcy in Maryland?This forum post is dated 03/28/10. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it. Maryland - Property Investment (Is it a good time to invest in real estate in Maryland? Where is the best area to buy a home? What kind of properties to stay away from investing in. What landlords need to know about tenant rights and obligations.)
| Yahoo! Answers: Filing Bankruptcy in Maryland? I have recently been involved in a terrible real estate deal and am now faced with having two mortgages on homes that are not worth the amount of the mortgages. I am currently seeking legal action on those two properties but my attorney has advised me it could take over a year to resolve. I am considering filing bankruptcy and would like to know what I would be able to keep. I have a primary home with a mortgage and home equity line. I also have serveral credit cards with small balances. Would I be able to keep my primary home and one or two credit cards ? The bankruptcy filing would be strictly due to my inability to pay the mortgages on the investment properties, and I do not want to go further into debt to keep them. Additional information on the investments; the properties were sold under fraudently pretenses. Meaning there were suppose to be rehabbed properties and after purchase, and when i filled with the local muncipal for an occupancy permit, it was found out that the prior owner performed the rehabbed without the necessary building permits. Soi the local muncipal is requiring that the work be torn down and redone. My attorney believes I have a good case againist the seller, but it is just that it can be very drawn out. Unfortunately with the real estate market, I am unable to obtain second loans for the repairs...so I am in the unfortunate situation of having to pay for the properties to save my credit, but I am not receiving any cash flow for the properties. There were also building violations againist the properties that the title company failed to find on a title search. According to my attorney it was part of public record, so a possible title claim will also be filed. |
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