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	<title>Gillman &#38; Gillman &#124; Experienced New Jersey Bankruptcy LawyersSecured Rental &#187; Gillman &amp; Gillman | Experienced New Jersey Bankruptcy Lawyers</title>
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		<title>Chapter 13 Bankruptcy Plan May Permit Modification of Mortgage on Under- Secured Rental Property</title>
		<link>http://gillmanandgillman.com/2-analysis-comment/chapter-13-bankruptcy-plan-may-permit-modification-of-mortgage-on-under-secured-rental-property/</link>
		<comments>http://gillmanandgillman.com/2-analysis-comment/chapter-13-bankruptcy-plan-may-permit-modification-of-mortgage-on-under-secured-rental-property/#comments</comments>
		<pubDate>Tue, 05 May 2009 23:19:35 +0000</pubDate>
		<dc:creator>Justin Gillman</dc:creator>
				<category><![CDATA[Analysis & Comment]]></category>
		<category><![CDATA[Bankruptcy]]></category>
		<category><![CDATA[Chapter 13]]></category>
		<category><![CDATA[Mortgage]]></category>
		<category><![CDATA[Permit Modification]]></category>
		<category><![CDATA[Secured Rental]]></category>

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		<description><![CDATA[Question:   How can I deal with a rental property which is under-secured (value is less than the mortgage(s)) and for which I am not receiving sufficient rent and income to cover the mortgage and monthly expenses?

 

One potential option in a Chapter 13 Bankruptcy (if one qualifies) is to propose a modification of the mortgage obligation.    Although there are significant limitations in the bankruptcy code, the law does currently allow a debtor(s) to propose to modify a secured claim of a mortgage company on property which is not the principal residence.     An example would be...


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