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Can you give up your home in a chapter 13?

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    #1

    Can you give up your home in a chapter 13?

    I have consulted with 2 bankruptcy attorneys and gotten 2 different answers. Or maybe I am just not understanding correctly.
    I can not file a chapter 7 (income is too high). I want to get out from under my high mortgage payment, my house is now worth less than I paid for it so selling is not really an option.
    If I file a Chapter 13, can I let the house go back to the mortgage holder and discharge the mortgage thru the bankruptcy?
    Some things I have read online seem to indicate that this is not allowed. One attorney told me I would have to keep the house and mortgage. The other one says I can give up the house and will not have to pay the full mortgage amount. So I am really confused now!
    Tags: None
    #2
    I'm a bit confused on this myself...but I know that I've been advised by my atty to let the house go. I stopped paying the first mortgage (second was already 5 months past) and I assume they're going to foreclose?

    I don't know how the foreclosure works with the bankruptcy filing, however? 2 separate things?

    Anyone been thru this?
    over $100K cc debt,$20K taxes,$332K mortgages/value $190K,surrendered
    Confirmed, $801/month 56 down,4 to go

    Comment

      #3
      After searching some posts on this site, it looks like you can surrender your home and then the mortgage holder can file a deficiency claim against you that will be unsecured debt as part of your chapter 13. They then are paid just like any other unsecured debt.
      Does that sound correct?

      Comment

        #4
        Hi I am in New York and we are under the median for our area and are filing chapter 13 in order to keep our car witch has about 8,000 dollars in equity in. We are surrendering the house.

        Comment

          #5
          You're filing 13 just to keep a cheap $8,000 car????
          Filed: October 1, 2007 341: December 10, 2007
          CONFIRMED: December 10, 2007
          Payment: $825 / Mo. for 5 Years-29 MONTHS OF Pmts Down 23 to go!

          Comment

            #6
            Originally posted by MajorMike View Post
            You're filing 13 just to keep a cheap $8,000 car????
            No, MM - nychic is filing a 13 to save a car that has $8000 *in equity*. You misread her post.
            I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

            06/01/06 - Filed Ch 13
            06/28/06 - 341 Meeting
            07/18/06 - Confirmation Hearing - not confirmed, 3 objections
            10/05/06 - Hearing to resolve 2 trustee objections
            01/24/07 - Judge dismisses mortgage company objection
            09/27/07 - Confirmed at last!
            06/10/11 - Trustee confirms all payments made
            08/10/11 - DISCHARGED !
            10/02/11 - CASE CLOSED
            Countdown: 60 months paid, 0 months to go

            Comment

              #7
              Originally posted by Bkconfusion View Post
              After searching some posts on this site, it looks like you can surrender your home and then the mortgage holder can file a deficiency claim against you that will be unsecured debt as part of your chapter 13. They then are paid just like any other unsecured debt.
              Does that sound correct?
              We did this on our house, it works.

              Comment

                #8
                Thank you for your msg, myid4u2c

                Comment

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