April your friend is buying time.They will have no motivation to sell to anyone after the BK filing.Until the filing their back was against the wall.Now they can breathe a sigh of collective relief for a few months at least.When you file typically most do a chapter 13.You have go through a meeting of the creditors along with a conformation hearing down the road where the plan is approved.Lower payments do not really happen in a 13.A chapter 13 usually lasts 3 to 5 years on the repayment plan.The trustee payments and attorney payments are front loaded before the creditors so they get paid first as they know most cases will get dismissed.With reduced payments on the mortgage you are talking about a forbearance plan with the banks loss mitigation department or a permanent loan mod.If someone has crap credit already they might could care less and file BK.They can get many,many months of free mortgage this way.If you don't make the regular payment the lender will file for a "relief of automatic stay" and if you don't make the BK payment the trustee will file a motion to dismiss.Since you are creating an additional payment for the back payments owed on the mortgage plus any other creditors included you are not doing anything.If your friend owes a ton of other debt as well a chapter 7 might be best.In a chapter 13 your credit is frozen in the crapper for the term of the plan 3 to 5 years.In a chapter 7 you are immediately liquidated and can build credit back much faster.Attorneys want that money.Many in my area will file chapter 13 to get started for 75 bucks!

This does vary state by state and is changing fast as HOA's are pleading for relief because so many owners are not paying while in FC.

The fridge has a lot of filth in it as does the freezer.no closet doors in the bedroomNo overflow valve on the water heater--pressure relief valvewindow in bedroom latches, and handles.

[I do recognize that we're normally buying properties at way under assessed value, and there may be a lag on tax relief as we pursue the appeal of the assessed value.]Secondly, they *should* subtract the P&I from the net operating income derived above, and your net positive cash flow should then flow to the income (denominator) of the ratio.

Otherwise it is not a qualified prinicpal property and is not an exception under the debt relief act.You may also find forgiveness through the bankruptcy court for part or even all of the taxable income.Anyone who does their own taxes has a fool for a client, so you shoul consider speaking to a CPA that has experience in these matters.

So, sorry to say, you should have had flood insurance.Now, relief, if the Governor of your state declared a disaster in your area, you will likely be eligible to apply for relief for damages through your emergency management office.

That could only provide some relief from their oppressive property taxes :(

The townhouse is likely (well, most likely) be a rope around your neck and it doesn't seem like there's a turnaround in the housing market anytime soon to expect a relief.

It was a relief to just go back to our 43 unit apartment building.

This will undoubtedly stop or delay the current sale, but you might get relief from the deficiency.