What is the name of your state (only U.S. law)? NY and Oregon
I have two houses in Oregon and one in NY. The NY home has a mortgage with Chase bank. They won't take it back and they won't offer me a loan modification. If I bankrupt to discharge the debt (NY is an investment property, way underwater, I owe about $160,000, it's worth about $80-90,000, taxes & insurance $6800/year, expensive repairs, don't think I can rent it high enough to even cover my payments).
I understand that in NY the bank can foreclose on you and then sue you for whatever you owe still. Chase bank seems to be especially greedy about this, refusing to sign release of liability or whatever it's called that releases you from the amount you are in arrears.
How can I protect my Oregon properties? Would it be illegal to transfer the Oregon properties to a family member in case I have to bankrupt sometime in the future to get rid of the NY house?
I have two houses in Oregon and one in NY. The NY home has a mortgage with Chase bank. They won't take it back and they won't offer me a loan modification. If I bankrupt to discharge the debt (NY is an investment property, way underwater, I owe about $160,000, it's worth about $80-90,000, taxes & insurance $6800/year, expensive repairs, don't think I can rent it high enough to even cover my payments).
I understand that in NY the bank can foreclose on you and then sue you for whatever you owe still. Chase bank seems to be especially greedy about this, refusing to sign release of liability or whatever it's called that releases you from the amount you are in arrears.
How can I protect my Oregon properties? Would it be illegal to transfer the Oregon properties to a family member in case I have to bankrupt sometime in the future to get rid of the NY house?